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 welcomed the first Annual Report of the Corporate Enforcement Authority (CEA), which covers the period since its formal establishment on 7 July 2022 until 31 December 2023.
The report outlines the vast breadth of work undertaken by the CEA since its establishment as Ireland’s company law enforcement agency.
In welcoming the publication of the Report, Minister Burke said:
"In the relatively short time since its establishment, the CEA has quickly established its presence and is integral to maintaining Ireland’s reputation as a safe and well-regulated economy in which to invest and create employment.
"Already we can see the benefits of this multi-disciplinary agency’s work in not only ensuring compliance with company law but also in informing both business and the public through the provision of relevant and accessible information on matters under their remit.
"I want to commend the Authority on how it has already delivered on its strategic ambition and on its capability in operating as a robust and effective enforcement agency."
Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary, said:
"The CEA has quickly positioned itself as a highly professional regulatory body for company law that yields significant value for stakeholders. We can now confidently say that Ireland has an established architecture by which to regulate company law in an autonomous and agile manner. This ensures better regulation for companies in Ireland and supports the enterprise base to grow and prosper. It also further strengthens Ireland’s global reputation as a top tier country in which to do business - underpinned by a strong company law enforcement framework. I look forward to continuing to support the CEA in their efforts to address white collar crime."
The CEA was established on 7 July 2022 under the Companies Act 2014, replacing the Office of the Director of Corporate Enforcement (ODCE). The CEA’s functions include, encouraging compliance with the Companies Act 2014, investigating suspected offences, summary prosecution of detected breaches, referring cases to the Director of Public Prosecutions for prosecution, exercising a supervisory role over the activities of liquidators and receivers, and operating a regime of restriction and disqualification undertakings in respect of directors of insolvent companies.
In 2023 the CEA secured a recruitment licence, which allows the CEA to run recruitment campaigns tailored to its needs. The CEA has sanction for 86 staff (70 Civilian and 16 Garda).
Additional resources were announced for the CEA in budget 2024, increasing the total budget by circa €1.3 million, from €9.706 million in 2023 to €11.101 million.