Tánaiste welcomes Stock Exchange move on disclosure of remuneration "Decision will lead to greater transparency in corporate affairs" - Harney

Tánaiste Mary Harney this afternoon (Friday 26th November, 1999) welcomed the decision of the Irish Stock to require listed companies to disclose details of individual directors' remuneration. The exchange decided that the new rule will come into effect in respect of accounting periods beginning 1 January, 2000. The decision was taken at a meeting of the Board of the Exchange held this morning.

The Tánaiste said "The Stock Exchange have been well aware of my views on this issue for some time. +I had discussions again in recent weeks with representatives of the Exchange and I am delighted that they have now decided to adopt this new rule. I would like to thank them for their constructive approach to our discussions and to congratulate them on what I believe is a positive move towards greater transparency in the governance of corporate affairs in this country "

"Although I understand that the changes will not take effect until the publication of the annual reports for the year 2000, I would hope that many companies will now take the lead and publish the new information in their 1999 reports," concluded the Tánaiste.