Joe O'Toole (Independent)

I have another question. I am deeply uncomfortable with this. I have listened to the Minister's answers and know they were given to me in good faith but I believe he is being overly influenced by his objectives, with which I agree. However, I do not believe this legislation will work. There is no mention of directors.

I nearly had to be tied down last week when I heard the debate on the "public interest directors of a bank". I believed the Minister would lecture the odd person and state there is no such animal as a public interest director. All directors of a company have the same responsibilities and duties. If it is the duty of a public interest director to do something, it is also the duty of the other directors to do so. The fact that one is appointed in the public interest is neither here nor there when one takes office. Many of us are appointed to or proposed for roles on an ex officio basis but when one takes up office one must act with the good of the institution in mind. If I were a director of an institution and a special manager were appointed who did all the tasks outlined and I believed his doing so were wrong, for 24 reasons I would outline, what could I do? There are certain requirements in the companies Acts on director compliance but, unfortunately, they have never been commenced by the Department of Enterprise, Trade and Innovation. What is correct for a director to do in the circumstances I describe? In what manner have we allowed for dealing with directors' responsibility? A full section of the 2003 Act deals with the requirements and responsibilities of a director.