Ministers have published the general scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024, which will make a series of amendments to the Companies Act 2014.

Dara Calleary, minister of state for trade promotion, digital and company regulation, said: “I am pleased to publish the general scheme of this important bill.

“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.

“This 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 said the bill will focus on “practical, pro-enterprise reforms”, such as providing companies and industrial and provident societies with the option to hold fully virtual general meetings.

It will also remove the automatic loss of the audit exemption in respect of a first instance of late filing with the Companies Registration Office and replace it with a graduated regime which he said will “save time and money for thousands of small and micro companies”.

The bill will also give new enforcement powers to the Corporate Enforcement Authority, the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority.

“I look forward to working with the Office of the Attorney General and the Oireachtas to get this legislation progressed as a matter of priority,” Mr Calleary said.