Irish business could learn from US business Transparency
20 Jan 2006
Irish businesses should follow the example of their US counterparts on the issue of transparency and disclosure, according to the Irish Congress of Trade Unions.
In the US, the Securities and Exchange Commission (SEC) recently proposed tough new rules on disclosure requirements for executive and director compensation.
According to Congress Economic Advisor, Paul Sweeney, the new measures would require companies to fully disclose in a clear and accessible fashion, their remuneration packages for directors and executives.
"Irish businesses could learn from these measures", said Mr Sweeney. "While executive pay and remuneration has risen to extraordinary levels over recent years, in many cases it is almost impossible to discover the true worth of those financial packages. In some instances we have seen estimated rises of almost 200 percent, since 2001.
"The SEC rules would require reporting of total compensation packages - in plain English. Workers in any given enterprise have a right to know what their employers are earning.
"This is one instance in which Congress would find in favour of Boston over Berlin."