Eamon Gilmore (Dún Laoghaire, Labour)
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Question 29: To ask the Minister for Enterprise, Trade and Innovation his views on amending the law to require major retail companies operating here to publish company accounts to establish the level of profits they are making, particularly in view of reports that one major retailer (details supplied) makes greater profits here than in any other part of its global empire; and if he will make a statement on the matter. [45556/10]

Batt O'Keeffe (Cork North West, Fianna Fail)
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Companies in Ireland are free to establish and organise themselves in the most suitable form to promote and run their businesses, provided that they comply fully with relevant national and EU legislation. The requirements regarding the preparation and publication of the accounts of limited companies and groups are determined by the First, Fourth and Seventh EU Company Law Directives and by the EU IFRS Regulations. These requirements are largely reflected in the Companies Act, 1963, the Companies (Amendment) Act 1986 and the European Communities (Companies: Group Accounts) Regulations 1992, as amended.

The EU Eleventh Company Law Directive, implemented as the European Communities (Branch Disclosures) Regulations, 1993, addresses the requirements applicable to branches of EEA companies. Irish subsidiaries of EEA companies can submit the audited group accounts of their parent to the Registrar of Companies instead of their own individual accounts provided certain conditions are met. EEA companies that have an Irish branch are required to submit only the company accounts to the Registrar of Companies. Irish companies that are subsidiaries of EEA companies and which are themselves parent companies need not produce consolidated accounts provided certain conditions are met. There are similar provisions for subsidiaries of non-EEA companies. In such cases the consolidated accounts of the EEA or non-EEA group must be submitted to the Registrar of Companies.

I consider that a sector-specific disclosure regime such as that suggested in the question would be open to accusations of discrimination and, were it to be required generally in the economy, it could have implications in terms of business costs and attracting foreign direct investment. I have no plans to amend the law in relation to this issue.