The Department of Enterprise, Trade and Employment is seeking views on a proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2023 which will focus primarily on four areas of company law: corporate governance, company law enforcement, company law administration and corporate insolvency.

Some of the issues on which views are sought include:

• amending the audit exemption regime for small and micro companies, to remove automatic loss of audit exemption and put in place a two-step, graduated procedure to deal with late filing;
• providing companies and industrial and provident societies with the option, in addition to the option to hold physical and hybrid meetings, to hold fully virtual AGMs and general meetings on a permanent basis;
• delivering on Programme for Government commitment in relation to the regulation of receivers;
• extending certain reporting obligations to examiners, interim examiners and process advisors;
• certain enhanced powers for the Corporate Enforcement Authority, the Auditing and Accounting Supervisory Authority and the Companies Registration Office to strengthen the State’s capability to meet the challenges faced in investigating and prosecuting alleged breaches of company law.

Dara Calleary, minister of state for trade promotion, digital and company regulation, said: “Enhancing the regulatory environment for business is an important element in facilitating government’s commitment to increasing Ireland’s attractiveness as a place to do business.

“We must ensure that our corporate and regulatory framework is flexible and responsive and is fit for modern business operating in an increasingly digital and virtual environment. It must also serve to protect employees, members, creditors and consumers by establishing appropriate safeguards.

“I am committed to making sure that the statutory authorities established under the Act, the Corporate Enforcement Authority (CEA), the Irish Auditing and Accounting Supervisory Authority (IAASA) and the Companies Registration Office (CRO), are well equipped with the appropriate legislative tools to effectively undertake their statutory functions.”

He added: “This review of the Companies Act 2014 takes into consideration developments brought to attention through stakeholder engagement, developments in case law, and through the work of the Company Law Review Group.

“The consultation process provides an opportunity for the public to express views on the specific proposals outlined and I would urge your participation in contributing to shaping the future of company law.”