Brother set against brother in disclosure of pay row

Some months after the issue was first raised by institutional investment managers - and taken up by Tanaiste Mary Harney - the issue of disclosure of directors' remuneration in quoted companies has still to be sorted out.

Ms Harney has made clear that she will legislate for the disclosure of the remuneration of each director if the stock exchange does not come into line and change its own rules and the issue now looks to be coming to a head.

Next week the exchange is to hold a private seminar on the issue with interested parties, but it already knows how most of its plc members stand - and they do not want their pay disclosed.

This has by all accounts led to some interesting exchanges on the Stock Exchange Board, where even brother fights against brother as Harry Sheridan of CRH - a company representative - opposes disclosure - while Vincent Sheridan of Norwich Union represents institutional demands for all the details to be published. Shortly after next week's meeting, the stock exchange representatives are to meet Mary Harney to discuss the issue.

Whatever ruminations may go on Anglesea Street and however much the quoted companies drag their feet, it is clear that the Tanaiste is not for turning on the issue.

There appears no compromise possible - either the remuneration of individual directors is declared or it is not. And the arguments that disclosure is unnecessary and could be inflationary do not appear to have cut any ice with the Tanaiste.

The only question is whether the exchange's members will be dragged kicking and screaming into the new world of disclosure or whether they will agree to change their own rules.