The Irish Stock Exchange will consult its members again following a meeting with the Tanaiste, Ms Harney, on directors' pay disclosure.

The ISE appears to have failed to persuade Ms Harney that such disclosure should be limited to the remuneration of company chief executives or the firm's highest paid executive following the private meeting.

The ISE presented its recommendations on the issue to Ms Harney yesterday following a survey carried out on the views of directors of publicly quoted companies.

Most directors are believed to be opposed to providing more information on their pay than is currently the case, although this is at odds with Ms Harney's stance which is that there should be full voluntary disclosure. But she has warned that disclosure legislation will be introduced if companies do not follow the guidelines issued by the Irish Association of Investment Managers (IAIM).