Ó An Roinn Fiontar, Trádála agus Fostaíochta
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This document outlines the heads of the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 and should be read in conjunction with the accompanying Regulatory Impact Assessment which incorporates the SME Test.
Company law provides the legislative framework for the structure and operation of companies registered in Ireland, whether domestic or foreign. It seeks to ensure a balance between simplifying the day-to-day running of a business; maintaining necessary protections for those dealing with companies, such as creditors and investors; and putting in place an effective corporate governance regime to ensure compliance. This law is contained in the Companies Act 2014 and related statutory instruments.
The legislative framework provided for by the Companies Act 2014 is regularly reviewed to ensure that the original objectives remain valid and are being achieved and to consider developments arising from stakeholder engagement, developments in case law and the work of the Company Law Review Group (CLRG). Such reviews are also necessary to ensure that statutory authorities established under the Act – the Companies Registration Office (CRO), the Corporate Enforcement Authority (CEA) and the Irish Auditing and Accounting Supervisory Authority (IAASA) - have the appropriate legislative tools to effectively undertake their statutory functions.
The provisions of the General Scheme were developed following significant consultation and stakeholder engagement, including input from the business community, legal and accounting practitioners, the Company Law Review Group, from the bodies established under the Act and following a full public consultation.
The General Scheme contains provisions amending and enhancing the Companies Act 2014 primarily relating to four areas of company law:
