Trevor Sargent (Dublin North, Green Party)
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Question 83: To ask the Minister for Enterprise, Trade and Employment his views on whether there are benefits in bringing in proposals requiring transparency of the levels of executive pay within State owned or publically quoted companies; and if he will make a statement on the matter. [6223/05]

Michael Ahern (Cork East, Fianna Fail)
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The determination of levels of executive pay within companies and firms generally is primarily a matter for the individual company or firm and I have no proposals to intervene in the matter at present.

It is a requirement of the listing rules of the Irish Stock Exchange that publicly quoted companies disclose annually the remuneration of the directors in their annual reports.

At EU level the European Commission recently adopted a recommendation relating to remuneration of directors of publicly quoted companies which member states will be required to implement by the middle of 2006. While a recommendation is not legally binding member states will be expected to comply with its principles and guidelines. Many of the principles and guidelines of this recommendation already apply to publicly quoted companies here on foot of the listing rules of the Irish Stock Exchange. However, one of the new elements provided for in the recommendation is that disclosure of directors pay extend to managing directors and chief executive officers of such companies regardless of whether or not they are members of the board of the company.

Matters relating to executive pay within State owned companies fall within the responsibilities of my colleague, the Minister for Finance.