Kathleen Lynch (Cork North Central, Labour)
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Question 72: To ask the Tánaiste and Minister for Enterprise, Trade and Employment her views on the recently published Grant Thornton Corporate Governance Review; and if she will make a statement on the matter. [19832/09]

Mary Coughlan (Donegal South West, Fianna Fail)
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As I have said in response to a similar question on this matter it is important to recognize that the ISEQ Combined Code on Corporate Governance, which is considered in the Review, is of most direct relevance only to those companies which are listed PLCs. This category of company represents, numerically, an extremely small proportion of the overall total, with some 40 PLCs listed and traded on the main index out of a total of just over 184,000 companies registered in the State as at 31 December 2008. It is very important, therefore, to view any comments made by the Review in this context.

The code operates on a "comply or explain" principle which recognises that circumstances may preclude a company from compliance with all requirements at a particular time and so requires an explanation for the non-compliance. In this regard 97% of companies reviewed were either fully compliant or provided explanations as to why they were not compliant.

I understand that a review of the Code is being undertaken by the Financial Reporting Council in the UK and I look forward to the outcome of that review.