Seanad debates

Wednesday, 12 April 2017

Companies (Accounting) Bill 2016: Committee Stage

 

10:30 am

Photo of Pádraig Mac LochlainnPádraig Mac Lochlainn (Sinn Fein) | Oireachtas source

On the specific amendment, I am cognisant that there is clearly a very serious issue for the pharmaceutical sector. We have to strike a balance between overburdening business and meeting the need for regulation, accountability and transparency. I have not heard from the Minister about any loss of transparency or accountability that would arise from the Fianna Fáil amendment which addresses the very serious concerns of this agency.

Why is the Minister suggesting that we should wait until other legislation is introduced? We are only on Committee Stage in the Seanad. We have yet to deal with Report and Final Stages. We have time to deal with the issues involved. We are taking a recess for a number of weeks, so it could be a month or five weeks before we return to this.Will the Minister assure Fianna Fáil and other Members who are concerned about this that she will seek to address those concerns with ministerial amendments on a later Stage? That would avoid dividing the House on the matter. If it is not going to impact hugely on the responsibility of the Minister and the Department to ensure the full transparency and accountability of business, I cannot see the reason for not addressing the serious concerns they have. Perhaps the Minister would advise us, first, that she is not arguing that there is a huge issue for transparency and accountability that we are not aware of. In fairness, we have heard the concerns of the pharmaceutical industry, so we must hear the views of the Department on that. Second, can the Minister consider amendments on a later Stage? It will be four or five weeks until Report Stage.

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