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Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary, has today (15 March) published the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024.
At its meeting on 5 March, the government approved the priority drafting of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 along the lines of the General Scheme.
Announcing publication of the General Scheme, Minister Calleary 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."
Minister Calleary added:
"I have ensured that the Bill focuses on practical, pro-enterprise reforms including providing companies and industrial and provident societies with the option to hold fully virtual general meetings, and removal of the automatic loss of the audit exemption in respect of a first instance of late filing with the Companies Registration Office and replacing it with a graduated regime which will save time and money for thousands of small and micro companies.
"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."
In addition, the Bill contains provisions aimed at ensuring that the statutory authorities established under the Companies Act 2014 – the Corporate Enforcement Authority, the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority - have appropriate legislative tools to meet the challenges they face in investigating and prosecuting breaches of company law. This is crucial as these bodies effectively underpin and bolster the framework within which businesses operate and can rely upon to ensure a level playing field for all.
The General Scheme will now be referred to the Office of the Attorney General for priority drafting of the Bill.