Dáil Éireann Debate, Wednesday - 2 December 2009
76 Deputy Ciarán Lynch asked the Tánaiste and Minister for Enterprise, Trade and Employment when she expects to publish the legislation to clamp down on crony capitalism to restrict cross directorships and to prevent one person fulfilling the dual role of chair and chief executive of a company; and if she will make a statement on the matter. [44598/09]
View answerOn foot of the commitment in the Renewed Programme for Government of October 2009, the Government will consider the optimum legislative mechanisms to regulate in these areas in the light of the Financial Reporting Council reviews of the Combined Code of Corporate Governance and taking into account the views of the Company Law Review Group in the matter.
77 Deputy Eamon Gilmore asked the Tánaiste and Minister for Enterprise, Trade and Employment the sections of the Companies (Accounting and Auditing) Act 2003 which have not been commenced; the reason these sections were not commenced; when these sections will be commenced; and if she will make a statement on the matter. [44594/09]
View answerThe following sections of the Companies (Auditing and Accounting) Act 2003 have not been commenced: Sections 9(2)(l), 15(2), 26, 29(5), 34, 35, 38, 39, 40, 41, 42, 43, 44, 45 and 59.
Further consideration was given to these sections in light of developments subsequent to their enactment. These include developments in international accounting standards and the publication of two EU Directives — Directive 2004/109/EC of the European Parliament and of the Council on minimum transparency requirements ('Transparency Directive') and the 8th Company Law Directive on Statutory Audits (Directive 2006/43/EC). Certain sections are also under consideration in the context of the Companies Consolidation and Reform Bill.
