Alice-Mary Higgins (Independent) | Oireachtas source

One of the clues to the concern was in that comment to the regulatory. We need to be honest. These are sectors where at the last moment self-regulation has been brought in. I could cite multiple examples. For example, as soon as there was to be an EU regulation on 40% women on boards, suddenly the 30% club appeared as a voluntary mechanism where we were all suddenly keen to voluntarily have 30% women on boards rather than have a rule that there should be 40%. I recognise it is a process but that is where I still have a concern. There is the question of whether it would be used in terms of regulation but also around that language in terms of how it is done, even in terms of assisting in the preparation by the group of standards. There is a perception that a set of standards developed by a sector could be perceived as having been agreed to by a regulator or by the commission, or in terms of the administration of it. That is too hands on. That is different. One creates a dynamic where the commission has a double role.

This is different from an Iron Curtain. It is not about a Soviet Iron Curtain but if there is engagement with self-regulation, there needs to be at least some form of a Chinese wall or something so that one is not having it that the commission signed off on 30% being grand in regard to self-regulation but the commission now saying there should be 40% or whatever it might be. It is a little muddied in terms of the language. I will come back with amendments on this on Report Stage. I hope we can find language which is satisfactory to everybody in that regard.

As it stands, I am a little concerned by the potential effect in terms of how this would pan out but also in terms of the perception of the commission. The last thing we need is a perception that the commission is deeply embedded with particular industries or sectors. The commission could work with them but it should not be seen to be in such a close relationship that it could be seen as endorsing the standards that it chooses to apply because it must represent the public interest fundamentally.