asked the Minister for Industry and Commerce the effect EEC directives will have on existing company law in Ireland; how directives from the EEC Commission will affect the operations of Irish companies in Ireland; and if the Government have raised this matter with the EEC.
Ceisteanna—Questions. Oral Answers. - Company Law.
16.
EEC directives will necessitate numerous changes in existing company law. The directives have been discussed at several meetings attended by representatives of the applicant countries and the European Commission.
Only one directive on company law has so far been adopted by the EEC. The most important provision in this is that private companies over a size yet to be determined must publish their accounts.
In addition, there are draft directives dealing with a company's capital, accounts and balance sheets and management structure, and with mergers and prospectuses. Certain organisations in this country are being consulted to ascertain the likely effect of the proposed changes on Irish companies.The views of these organisations will be borne in mind when further discussions take place in Brussels with a view to reaching agreement on the final form of the directives.
The Minister said that over a certain figure private companies will have to disclose their profits.Could the Minister tell us what the figure is?
I said private companies over a size yet to be determined.
The size is not determined yet?
No.
Will the Minister make available details of the directives in regard to company law, balance sheets and management structure? Could he make that information available to the House?
There has been only one directive so far.
Will the Minister be able to obtain copies of these draft directives for Members of this House, remembering that the Companies Act was dealt with by this House?
Draft directives naturally change and are changeable, but I do not think there should be any difficulty about tabling copies of the draft directives.As I said, these are draft directives and someone looking at a draft directive could be looking at something which is out of date.
Would the Minister investigate the possibility of depositing copies of all draft directives in the Library?
I will certainly do that.