Kathleen Lynch (Cork North Central, Labour)
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Question 148: To ask the Tánaiste and Minister for Enterprise, Trade and Employment when she will publish the legislation promised (details supplied) to clamp down on crony capitalism, to restrict cross-directorships and to prevent one person fulfilling the dual role of chair and chief executive of a company; and if she will make a statement on the matter. [4836/10]

Mary Coughlan (Donegal South West, Fianna Fail)
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The remarks attributed to the Minister for Finance in the interview in question would, no doubt, have been made with the banking sector in particular in mind.

In relation to the banking sector, I would refer the Deputy to previous parliamentary question 44958/09 of 2nd December last in which the Minister for Finance, inter alia, refers to proposals aimed at developing new statutory rules for the governance of major financial institutions in the context of the planned reform of the regulatory structures for financial regulation.

In the area of company law that falls within my responsibility, the Office of the Parliamentary Counsel is currently drafting the Company Law Consolidation and Reform Bill. It sets out the corporate duties of directors, company secretaries and auditors on a general basis across all sectors. The Bill will implement the recommendations of the Company Law Review Group in that the fiduciary duties owed by directors to the company will be stated in the new companies code.

At present company law does not prohibit cross directorships, whereby a person is a director of more than one company at the same time. The general position is that a person may not be a director of more than 25 companies subject to certain specific exceptions. Directorships of public limited companies (plcs) are not included in the limit of 25. Any consideration of a change in this position for the general cohort of companies operating in Ireland would need to take account of the contribution that non-executive directors make by imparting their mix of expertise and the cross fertilisation of ideas from other areas of the business community.

The Companies Acts do not prevent a person fulfilling the dual role of chair and chief executive of a company. This would in my opinion be unworkable for smaller companies. However, the Combined Code of Corporate Governance which applies to companies whose securities are listed and traded on the Irish Stock Exchange does provide that the roles of chairman and chief executive should not be exercised by the same individual. The "comply or explain" principle, which is now enshrined in law under Statutory Instrument 450 of 2009, requires companies to meet the best practice guidelines or explain publicly why not.

The Government and I are committed to ensuring that our corporate governance regime for the corporate sector generally, accords with best international practice. We will take account of the lessons which emerge from current enquiries and reviews arising from recent developments and we will address, as appropriate, any concerns in this area including by way of legislation if necessary.

Ciarán Lynch (Cork South Central, Labour)
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Question 149: To ask the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding legislation to provide for the amalgamation of the National Consumer Agency and the Competition Authority; the time-line for the publication of this legislation; and if she will make a statement on the matter. [4833/10]

Mary Coughlan (Donegal South West, Fianna Fail)
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Work on the Heads of a Bill to provide for, inter alia, the merger of the Competition Authority and the National Consumer Agency is at an advanced stage. I expect that the Bill will be published during 2010.