The majority of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 has been commenced, while 26 provisions which require updates to the Companies Registration Office’s IT systems will be commenced next year.

Enterprise, trade and employment minister Peter Burke said the law “introduces a diverse range of amendments to the Companies Act 2014 primarily in the areas of corporate governance, company law enforcement and supervision, company law administration and corporate insolvency”.

“The improvements brought about with this Act strike a balance between providing flexibility to companies to efficiently conduct their business — by streamlining and improving processes, creating efficiencies and removing unnecessary administration on the one hand, and equipping the statutory bodies with the tools to ensure increased compliance with company law,” he said.

“The changes brought about by this Act will ultimately benefit businesses, companies, their members and creditors, as well as the ordinary citizen.”

Dara Calleary, the minister of state for trade promotion, digital transformation and company regulation, added: “The Act strengthens the State’s capability to investigate company law breaches by equipping the CEA with increased powers to investigate evidence of corporate wrongdoing. Similarly, the Act confers additional powers on IAASA and the CRO.

“These measures will equip our enforcement agencies to tackle incidences of white-collar crime and corruption and will further boost Ireland’s reputation as a well-regulated and transparent economy.

“In recognition of the increasingly virtual and hybrid environment within which we work and conduct our business the Act gives companies and industrial and provident societies the option to hold hybrid or fully virtual general meetings.

“The measures commenced today ensure accountability, transparency and afford adequate opportunity for full engagement at meetings whether in virtual, physical or hybrid form.”