asked the Minister for Industry and Commerce if he has yet considered the Report of the Company Law Reform Committee; and in particular, whether he proposes to accept the recommendations contained in paragraph 143 in relation to directors' fees and in paragraph 182 in relation to consolidated accounts of companies.
Ceisteanna—Questions. Oral Answers. - Company Law Reform.
3.
I have given preliminary consideration to the Report of the Company Law Reform Committee and a Bill designed to give effect to certain of the recommendations of the committee has recently been passed by the House. As I indicated in the course of the debates on the Bill, my object in introducing a short Bill at this stage was to give effect at once to a number of important recommendations made by the committee. The revision of the whole code of company law is an extremely complex matter which will require considerable time for its completion. A detailed study of the committee's report as a whole is in progress and a further Bill will be introduced when I have reached conclusions regarding the committee's recommendations.
I have not yet taken a decision regarding the specific matters referred to in the Deputy's question. As the Deputy is doubtless aware, these particular recommendations must be considered in conjunction with other recommendations concerning the financial accounts of companies and the relations between companies and their directors.
Is the Minister aware—I am sure he is—that many companies would like to conform in advance to what is set out as the desideratum in the new legislation? Will he, therefore, even before the legislation is itself announced, announce when decisions have been taken on the major aspects?
I am not sure of the wisdom of that. I have no desire to take hasty decisions. I would rather be quite certain that the full scope of the recommendations of the committee have been considered and that each amendment in relation to the general picture which it is intended to build up will be considered in conjunction with other recommendations concerning the financial accounts of companies and the relations between companies and their directors.
Can the Minister give any indication of the date?
Not before the Autumn session.
That might mean during the Autumn session of any year.
We have made a rather special arrangement for the drafting of the Bill which will expedite the production of the proposals when the final decisions have been taken.
We may expect a Bill some time before this time next year?
I should think so.