Vol. 563 No. 4
113 Mr. Costello asked the Tánaiste and Minister for Enterprise, Trade and Employment the number of children who have been appointed as company directors; her plans to introduce measures to restrict the appointment of children to such positions; and if she will make a statement on the matter. [8116/03]
The Companies Registration Office is not in a position to provide accurate data on the number of children who have been appointed as company directors without carrying out a detailed examination of CRO records. This issue was raised by representatives of the CRO with the company law review group. The CRO informed the CLRG that it had identified a number of companies where the age of the directors fell below 18 years and that CRO had no legal basis to refuse to register such persons as directors.
The CLRG in its first report dated December 2001, noted that Ireland is not alone in not having a minimum age for directors. Most European countries, including the UK, do not have a minimum age. In view of the serious responsibilities and potential liabilities of company directors, the CLRG gave consideration as to whether there ought to be a minimum age for appointment as a director. The group recommended that no person be allowed to become a company director until the person has reached 18 years.
The reasoning for this is that being a director carries responsibilities and duties and it is necessary that those who are accountable and answerable are of an age that will understand those duties. Furthermore, persons under 18 have no contractual capacity and it would be anomalous if this could be circumvented by a minor setting up a company. The legislation to give effect to the recommendations of the CLRG is currently being drafted by my Department.
