Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

This group of amendments refers to the exclusion from the board oversight committee which is contained in section 27. There was much constructive debate in the Dáil and on Second Stage in the Seanad about the eligibility for membership of the board oversight committee. A number of amendments were proposed earlier relating to section 53(10) regarding changes to the exclusion from the board of directors. These amendments are proposed to ensure consistency between the board and the board oversight committee. The effect of these amendments reduces the exclusions that would apply to membership of the board oversight committee.

Amendment No. 97 allows volunteers of other credit unions to be on the board oversight committee of a credit union. The Minister already flagged this amendment. Amendment No. 108 removes the prohibition on family members of volunteers of the credit union becoming board oversight committee members. Amendment No. 98 allows for a director of another credit union to become a board oversight committee member. This is also something the Minister, Deputy Noonan, said he would concede. An amendment to this section will be made on Report Stage to clarify that a member of the oversight committee of the credit union cannot also sit on the board of directors of the same credit unions; this is already provided for under section 15 but I will table an amendment to clarify this on Report Stage. In error, amendment No. 98 provides that a director of the credit union be eligible also for membership of the board oversight committee of the same credit union. I intend to bring forward an amendment on Report Stage to correct this.

Amendment No. 106 makes a change to the exclusion of auditors from the board oversight committee. This exclusion will now include a person employed or engaged by that auditor. This is to guard against any conflicts of interest. Amendment No. 111 deletes section 76N(4)(q) in line with the changes for exclusions from board membership. Amendment No. 112 ensures that where a committee member falls under any exclusion provisions, that member should resign from the committee.