Share Valuation Panel - Misc questions on how it works.

54and56

Hi,

I'm interested to know who the experts on Rev Comms Share Valuation Panel are, how many engagements Rev Comm have with the panel each year and how Rev Comm decide which expert from the panel should do what engagement.

I thought information relating to the use of taxpayers money on private sector experts would be publicly available but I can't find any info whatsoever on who the experts are, how engagements are allocated to them and how much is spent on this activity annually.

Part 38-04-16 of the Tax and Duty manual suggests that the reader "See Part 38-04-16a for full details of procedures to be followed where a valuation of unquoted shares is required" but when I look up Part 38-04-16a all it says is "The following material is either exempt from or not required to be published under the Freedom of Information Act 2014." and that's it!!

Does anyone know why this info isn't available?

Does the fact that the info in Part 38-04-16a is not required to be published mean it is in fact confidential and secret? If not any suggestions (by PM if preferred) as to how I can access the info would be much appreciated.

barneystinson

Je_suis_Jean wrote: »

Hi,

I'm interested to know who the experts on Rev Comms Share Valuation Panel are, how many engagements Rev Comm have with the panel each year and how Rev Comm decide which expert from the panel should do what engagement.

I thought information relating to the use of taxpayers money on private sector experts would be publicly available but I can't find any info whatsoever on who the experts are, how engagements are allocated to them and how much is spent on this activity annually.

Part 38-04-16 of the Tax and Duty manual suggests that the reader "See Part 38-04-16a for full details of procedures to be followed where a valuation of unquoted shares is required" but when I look up Part 38-04-16a all it says is "The following material is either exempt from or not required to be published under the Freedom of Information Act 2014." and that's it!!

Does anyone know why this info isn't available?

Does the fact that the info in Part 38-04-16a is not required to be published mean it is in fact confidential and secret? If not any suggestions (by PM if preferred) as to how I can access the info would be much appreciated.

I would have thought that if the information on how the expert is to be selected, was in the public domain, then it would effectively allow the members of the panel to game the system (resulting in poorer value for money for the taxpayer).

As to how the people / firms got on the Share valuation panel in the first place, I'm pretty sure it's advertised every 2 - 3 years and there's a transparent application process where the required qualifying criteria are set out. Obviously this is totally separate from, and therefore not included in or referred to in, the tax & duty manual above, but I'd say a bit of googling might enlighten you on that front.

54and56

barneystinson wrote: »

I would have thought that if the information on how the expert is to be selected, was in the public domain, then it would effectively allow the members of the panel to game the system (resulting in poorer value for money for the taxpayer).

My understanding is that first of all the experts go through the publicly advertised application process to establish their credentials and experience etc in what would be a fairly normal qualification process and once approved as expert members of the panel the local Rev Comm Liaison Officers choose from the available panel who they want to offer a particular assignment to and that's what the term "procedures to be followed where a valuation of unquoted shares is required" refers to.

If, for example, the procedure stated that all other things being equal (in terms of experience, credentials, availability etc) the expert on the panel who offer's the best price (rate per hour/day or fixed price per task etc) should be offered the engagement. Wouldn't everyone knowing that promote competition and best value for money for the taxpayer? I don't see how having a transparent procedure (like may public bodies do when tendering products or services) could facilitate gaming of the system but I can definitely see how not having transparent selection procedures can (and I'm not suggesting it does) facilitate cosy relationships between Rev Comm Liaison officers and experts on the panel resulting in selection decisions being made for reasons which are not exclusively about the best value for money for taxpayers.

barneystinson wrote: »

As to how the people / firms got on the Share valuation panel in the first place, I'm pretty sure it's advertised every 2 - 3 years and there's a transparent application process where the required qualifying criteria are set out.

100%, that is indeed the case and rightly so.

barneystinson wrote: »

Obviously this is totally separate from, and therefore not included in or referred to in, the tax & duty manual above, but I'd say a bit of googling might enlighten you on that front.

I thought so too but there is no reference to or list of what experts are on the share valuation panel available anywhere via Google and trust me I've searched. I can't tell if there two people on the panel or 200, whether it's individual experts of big firms, whether they are all Dublin based or scattered around the country etc.

I just don't get the lack of transparency on:-

1. Who is on the panel of experts.
2. How the appointed experts are allocated work by the Liaison officers.
3. How much taxpayer money is spent on these private sector experts per annum?

Why the secrecy in this age of open govt etc? Surely taxpayers are best protected by publishing how their money is being spent?