Dublin Port Company was set up 10 years ago to replace the old Port and Docks Board in order to guide the changes needed for a modern, profitable port.

It is a private company in which the state – that is, the taxpayer – is the only shareholder. Yet it is totally unaccountable to the public.

The Department of Transport says it is not answerable to queries about the actions of the company even though the Department owns it on behalf of the people.

The company is exempted from the Freedom of Information Act and is only required to publish an annual report which is less than informative about such sensitive matters as directors' expenses.

According to its 2007 annual report, the Board has a turnover of €70.45m and owns development land valued at €1.246bn.

The 12 directors' fees and emoluments for the year are put at €448,000. However, when asked by this newspaper last week to give a breakdown of these payments, the company refused to provide the information.

The board has in the past has been used as a sinecure for political appointments.

In the light of the Fás revelations, which only became public as a result of the Freedom of Information Act, this situation needs to be reformed urgently.