From Department of Enterprise, Trade and Employment
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Minister for Enterprise, Trade and Employment, Peter Burke and Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary have published the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 following approval from Government.
The legislation once enacted, will provide for companies to hold hybrid or fully virtual meetings on a permanent basis. It will also support the state’s company law regulators to work more effectively, encourage compliance with company law and exercise proportionate enforcement when necessary.
Minister Burke said:
"This Bill will ensure the Corporate Enforcement Authority; the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority have the appropriate legislative tools to investigate and prosecute breaches of company law. It is vital that Ireland has a solid framework which allows enterprise to flourish, supports a competitive economy and reinforces Ireland’s reputation as an attractive place to do business."
Minister Calleary said:
"I am delighted to see that this Bill provides for pro-enterprise measures for SMEs including the introduction of a graduated regime in respect of a first instance of late filing with the Companies Registration Office. The new regime will replace the automatic loss of the audit exemption which will save time and money for thousands of small and micro companies. I look forward to bringing this Bill to the Oireachtas to get this legislation progressed as a matter of priority."
The Bill is expected to be enacted before the end of 2024 and is available to view on the Department of Enterprise, Trade and Employment’s website: Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024.