Jim Walsh (Fianna Fail)

While I do not object to this proposal, I would like to raise a red flag for the future consideration of the Minister. It is proposed to lift the corporate veil if an offence takes place "with the consent or connivance of" a manager or secretary within the corporate structure. The corporation would be the main offender, but individuals could also be liable. We should be very careful in this regard. People need to have the protection of limited liability if they to be able to function effectively with a certain element of risk taking. I know what we are trying to get at here. I do not want to labour the point. Regulatory authorities in a range of sectors failed us miserably but were not held to account. In my opinion, they will probably not be held to account. We seem to be applying a different set of criteria to those in the private sector. I hope we can debate this matter at a future stage. Perhaps we can have statements on it. I can see the other side of the coin as well. I accept that people have to act responsibly within companies. Perhaps there should be some exposure. I am just raising it as a matter of concern.