Dara Calleary

The Department of Enterprise, Trade and Employment will launch a consultation by the end of April 2023 on its proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill, which will “enhance” the Companies Act 2014.

The consultation will seek views on issues including:

• 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 a Programme for Government commitment in relation to the regulation of receivers;
• extending certain reporting obligations to examiners, interim examiners and process advisors;
• 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; and
• certain enhanced powers for the Corporate Enforcement Authority, the Irish 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: “A fit-for-purpose company law framework is an essential part of doing business in Ireland. It provides business certainty, enables entrepreneurs to take appropriate risks, it supports the growth of enterprises, and assists in job creation.

“So it is vital that the Companies Act is reviewed regularly to make sure that its original objectives are still valid and that they are being achieved as intended.

“Once the consultation is launched, I will be encouraging stakeholders to consider the specific proposals outlined and to highlight potential amendments that would enhance the company law regime.”