Publication of FeedHenry Report 'welcome' - David Cullinane TD
Sinn Féin TD for Waterford David Cullinane, today welcomed the publication of the Comptroller and Auditor General’s special report into FeedHenry Teachta Cullinane has said that "it raises issues around processes and procedures regarding the commercialisation of intellectual property (IP) at Waterford Institute of Technology (WIT).
Deputy Cullinane said:
“The report released today by the C&AG’s office focused on processes and procedures. It states that the Governing Body of WIT was not involved in any of the key decisions made during the commercialisation and assignment of the FeedHenry IP.
“Due to the potential value of the technology it says, 'the departure from policy on the share of equity and the fact that senior management had conflicts of interest through personal shareholdings, the Governing Body should have been actively overseeing the process’.
“I welcome this report and that both the HEA and WIT has fully agreed with its recommendations.
“These include that the HEA should ensure that HEIs’ policies on creator reward schemes take account of potential situations where HEI staff have a financial interest in a company acquiring IP.
“It also said that the Waterford Institute of Technology should introduce a policy on part-time secondments to ensure proper controls are put in place.
“It is also the case that the HEA are examining spin-out companies at WIT in more detail, and have run into legal difficulties in terms of publishing the report.
“Over fifty former and existing staff members of WIT came forward and engaged in the HEA review.
“It is important that this process is also included and we get a wider read of the issues involved.
“I welcome the publication of the C&AG report and I look forward to teasing out these issues at the PAC.”