Joe O'Toole (Independent)

Like Senator Fitzgerald, it is not possible to accept an Order of Business providing for the taking of all Stages today of such important legislation.

On the question of the bonuses for bankers, I have some experience on both sides of the table of dealing with this issue, negotiating for and against bonuses. I have chaired and served on remuneration committees. What we have heard during recent days about what happened in the banks is appalling. The number one point is that we would see the contracts. I would like to see them. I have never seen a bonus contract that had a figure on it. It is always a percentage which is conditional on achieving certain stated black and white objectives. A weighting is given to each of those objectives. There is an assessment to ascertain the key performance indicators which show the objectives have been achieved or partially achieved. At the end of that process at the end of the year the level of achievement is set against the level of the potential bonus and a figure arrived at on that basis. Following that, the remuneration committee proposes it to the board which finally approves the decisions that have gone through during the period of the preceding year.

This is not something that can happen, as indicated in today's newspaper, by a person having a quite chat with his or her manager in the office. There must be a clear paper trail indicating the objectives, the key performance indicators, the weightings on each of the objectives, how many of the objectives have been achieved and how the final figure was arrived at. If that did not come before the board, then management is at fault. If it did come to the board, then not only the public interest directors but all the directors are involved. It is not only the people who have been appointed by the Government but all the directors who have a statutory responsibility on behalf of shareholders of the bank. That is a reality we should be questioning. If this did not come to the board, then management has to answer.

I do not expect a Minister to micro-manage but half an hour spent on this would tell me whether this was done properly or improperly. It does not depend on issues such as supervening - a new word to me - circumstances such as the Minister has brought forward, but it certainly has not been done properly.

We need to know more information. My question is whether the Minister could find for us the template of the contracts to which we are apparently legally bound? I do not believe they exist. I do not believe that the proper procedures were followed nor do I believe in offering them that those in the bank followed the procedures required to ensure good governance.