Robert Troy

The Department of Enterprise, Trade and Employment is seeking the view of interested parties on certain aspects being considered for inclusion in a forthcoming bill.

Robert Troy, minister for trade promotion, digital and company regulation, said: “As we look to a post-Covid recovery, we have an opportunity to reform the way we do business for the better. Part of that is diversifying the options available to corporate bodies on how to structure, operate and invest.

“I am now pleased to open to public consultation proposals to reform and modernise legislation regarding co-operative societies. This is the culmination of a number of years of work by my department and is the most far-reaching reform of the legislation in almost 130 years.

“The proposals will consolidate, modernise and strengthen the legislative basis for the sector and enshrine the co-operative model in legislation for the first time.”

The minister said the legislation “will introduce modern corporate governance, financial reporting, compliance, and reporting standards and will also address a range of other issues including the functions and powers of the Registrar and matters relating to registration, amalgamation, strike-off and restoration; shares and share capital”.

He added: “This will allow co-operatives to operate under a modern, fit for purpose legislative framework, and provide an attractive alternative to the company law model, for those entities who subscribe to the co-operative ethos.

“I am seeking the views from all interested stakeholders on a number of specific issues. My department will consider carefully all views submitted in response to the consultation prior to finalising legislative proposals for consideration by government.”

The consultation is available online and will run until Friday 25 February 2022 at 5pm.