The Institute of Directors in Ireland has strongly opposed the detailed disclosure of individual directors' remuneration being made mandatory for public companies.

Setting the institute at odds with the Tanaiste and Minister for Enterprise, Trade and Employment, its president, Dr Paddy Galvin, told the organisation's annual dinner last night that disclosure of such information would "serve no purpose and would inevitably be pay inflationary".

Ms Harney warned last month that she would introduce legislation compelling detailed disclosure of directors' remuneration if the Irish Stock Exchange and public companies did not voluntarily amend their rules to require such disclosure. Sources close to the Tanaiste said last night her position remained unchanged.

Irish public companies are required only to reveal the aggregate remuneration paid to executive and non-executive directors. Full disclosure has been resisted in the past by the stock exchange.

In making her comments last month, Ms Harney said: "I'm sure the stock exchange will be positive in its response." That response has not yet been made.

The Irish Association of Investment Managers (IAIM) has called for the disclosure of the remuneration of individual directors of publicly-quoted companies. Such rules apply in the US and Britain. But Dr Galvin, in his address, said no individual or organisation had made a submission in favour of changing the guidelines in relation to remuneration, other than the IAIM. "The present level of disclosure is already exceptionally high. In Europe, outside the UK, there is no greater level of disclosure than that required of Irish public limited companies."

He said the number of individuals who would be affected by the proposed change would be somewhat less than 200. "This is inequitable as there are no comparable requirements proposed for other limited companies or partnerships or other types of business organisations."

Dr Galvin said there was "no public issue here". Shareholders already have a high level of disclosure.

He also said detailed disclosure of what public limited companies' directors were being paid could "act as a disincentive to companies thinking of going public and damage the overall development of the market". Disclosure of remuneration "is a very sensitive issue for the individuals concerned", he said.