The following is the resolution adopted by the board of Bord na Mona early yesterday morning.

Having considered the Statement of the managing director to the board at the board meeting on July 1st, in response to the board's request for explanations relating to the issues which were brought to the board's attention by Price Waterhouse reports, the board has decided to advise the Minister for Transport, Energy and Communications that, on the basis of the evidence available to the board, the board is of the opinion that Government guide lines relating to the managing director's remuneration would appear to have been breached during the period of its review of the managing director remuneration arrangement since his appointment in 1987 to 1995.

The board has further decided to advise the Minister that these remuneration arrangements, which were originally entered into between the former chairman and the managing director, were not disclosed to the board or its remuneration committee.