The fees paid to Irish company directors need to be increased to levels applying in the rest of Europe, the Tβnaiste said yesterday. At the launch of guidelines on corporate governance, Ms Harney said too many people became company directors without reflecting on the importance of the step being taken.

"I hope directors will be more appropriately paid in future, considering the responsibilities they take on board."

Ms Harney was at the launch of Corporate Governance, Guidelines for Small Businesses, published by the Small Firms Association and sponsored by the Bar Council and IIB Bank.