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Scheme of corporate-governance bill published

The General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 has been published.

Cabinet approved the priority drafting of the bill on 5 March.

Dara Calleary (Minister of State for Trade Promotion, Digital and Company Regulation) said: “Company law is dynamic, and a strong company-law framework is essential to support a productive and competitive economy and reinforce Ireland’s reputation as an attractive place to do business."

Important bill

“This important bill, when enacted, will ensure Ireland’s Companies Act 2014 remains fit for purpose, providing a modern and responsive business regulatory environment that reflects international best practice.”

He added that the bill focused on practical, pro-enterprise reforms.

These include providing companies and industrial and provident societies with the option to hold fully virtual general meetings.

The automatic loss of the audit exemption for a first late filing with the Companies Registration Office is replaced with a graduated regime, which the minister said would save time and money for small and micro companies.

Provisions are also included aimed at ensuring that the statutory authorities established under the Companies Act 2014 – the Corporate Enforcement Authority, the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority – will have appropriate legislative tools for investigating and prosecuting breaches of company law.

“This is crucial, as these bodies effectively underpin and bolster the framework within which businesses operate, and can rely upon, to ensure a level playing field for all.

The General Scheme will now be referred to the Office of the Attorney General for priority drafting of the bill,” the minister said.