The Government has approved the publication of bill that will allow companies to hold hybrid or fully virtual general meetings on a permanent basis.

A temporary measure allowing such meetings was introduced during the COVID-19 pandemic, but it had been due to expire at the end of this year.

The Department of Enterprise, Trade and Employment says that the bill also gives regulators more powers to encourage and enforce compliance with company law.

Exemption

The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 brings in a new two-step regime for the small-business audit exemption.

Currently, if a small firm fails to file an annual return with the Companies Registration Office (CRO), it automatically loses its audit exemption.

Under the new bill, firms who file late will lose the exemption only if they have failed to file on another occasion in the previous five years.

Minister of State Dara Calleary said that the measure would save time and money for thousands of small and micro-companies.

Peter Burke (Minister for Enterprise, Trade and Employment) Minister said that the bill would ensure that the Corporate Enforcement Authority, the CRO, and the Irish Auditing and Accounting Supervisory Authority had “the appropriate legislative tools” to investigate and prosecute breaches of company law.

The bill is expected to be enacted before the end of 2024.