Ireland needs new corporate culture

Addressing the Irish Stock Exchange Conference in Dublin, Fine Gael Enterprise Spokesman Leo Varadkar TD called for a new corporate culture to restore Ireland’s battered reputation overseas. Deputy Varadkar addressed the conference on the issue of corporate governance as an invited panellist.

“The reputational damage that has been done to Ireland by the activities of our banks, Government and State agencies has done real damage to Ireland’s reputation overseas. This damage comes at a cost. It is harder and more expensive for the Government to borrow money from the international capital markets. It is more difficult for Irish companies to secure credit from the banks, capital from investors and export credit insurance. And it is harder for Irish companies to sell their goods and services overseas.

“This reputational damage, however, does not have to be lasting damage. We are not alone. Other countries have endured reputational damage too. But it is up to us to put our house in order, to do it quickly and to show the world that Ireland is second to none when it comes to corporate governance, ethics and open Government.

“Yes, we need new laws. We need to restrict the practice whereby CEOs can graduate from management to become Chairman of the Board as occurred at FÁS and Anglo Irish Bank.
…[more]

Further evidence of Fianna Fáil’s soft stance on corporate crime has been exposed after Tánaiste Mary Coughlan admitted that a request for additional staff at the Office of the Director of Corporate Enforcement (ODCE) was refused, according to Fine Gael Enterprise Spokesman Leo Varadkar TD.

“The joint ODCE/Fraud Squad raid on Anglo Irish this week only highlighted the Government’s own failure to take earlier action on white collar crime. Fianna Fáil Ministers have repeatedly refused requests from the ODCE for extra staff and more resources in its fight against white-collar crime.

“The ODCE requested additional staff on numerous occasions from 2005 to 2007, including Gardaí, to tackle white collar crime. The office sought these staff at the height of the gross abuse of financial markets and wrongdoing in the banks which has since come to light.

…[more]

Jobs will be lost and employers will be criminalised if a new law being debated in the Dáil today (Thursday) is enacted, Fine Gael Enterprise Spokesman Leo Varadkar TD has warned.
 
Deputy Varadkar was speaking before the debate on the second stage of the Employment Law Compliance Bill this afternoon.
 
“At a time of rising unemployment, we must oppose any measure that makes it more difficult to get a job and keep a job. If enacted, this Bill will make it much hard to create jobs and it will impact hardest on the small and medium enterprises which do not have HR and legal departments to make them up.
 
“Employers will be subject to on-the-spot fines for failing to display notices and they will even have to display them in several different languages. It also gives the National Employment Rights Authority (NERA) the power to raid and secure business and to take away records and documents without even the suspicion of wrongdoing.
 
…[more]

192 employers underpaid staff in 2007 but none fined.

Employers who pay staff less than the minimum wage should face tough fines, Fine Gael Enterprise Spokesman Leo Varadkar TD has said.

Speaking after the publication of the Bill to set up the new National Employment Rights Authority (NERA), Deputy Varadkar said he will publish an amendment to ensure that the agency can name, shame and penalise rogue employers. However, he said the agency must adopt a balanced approach and not impose unnecessary costs on businesses by conducting unnecessary workplace inspections. …[more]

Fine Gael Enterprise, Trade and Employment Spokesman Leo Varadkar TD has called on the Government to give the National Employment Rights Authority (NERA) the power to fine rogue employers that fail to pay the minimum wage to their employers.

…[more]

Fine Gael has called for a major increase in resources for the Office of the Director of Corporate enforcement in 2008 to deal with the significant increase in insolvencies in a slumping economy, on-going sharp practice by developers with regard to residential management companies and the long-standing failure of the office to properly police involuntary strike-offs.

…[more]