Dáil Éireann Debate, Tuesday - 12 February 2013
344. Deputy Patrick O'Donovan asked the Minister for Jobs, Enterprise and Innovation if he has given consideration to the introduction of conditions in which retail multiples operating here would be required to publish their accounts, including profits on an annual basis; if he has examined the practices in other jurisdictions including the United Kingdom on this matter; and if there are any EU laws or regulations preventing such a statement. [6878/13]
View answerThe requirements regarding the preparation and publication of the accounts of limited companies and groups are determined by the First, Fourth and Seventh EU Company Law Directives and by the EU IFRS Regulations. These requirements are largely reflected in the Companies Act, 1963, the Companies (Amendment) Act 1986 and the European Communities (Companies: Group Accounts) Regulations 1992, as amended. The EU Eleventh Company Law Directive, implemented as the European Communities (Branch Disclosures) Regulations, 1993, addresses the requirements applicable to branches of EEA companies.
Irish subsidiaries of EEA companies can submit the audited group accounts of their parent to the Registrar of Companies instead of their own individual accounts provided certain conditions are met. EEA companies that have an Irish branch are required to submit only the company accounts to the Registrar of Companies. Irish companies that are subsidiaries of EEA companies and which are themselves parent companies need not produce consolidated accounts provided certain conditions are met. There are similar provisions for subsidiaries of non-EEA companies. In such cases the consolidated accounts of the EEA or non-EEA group must be submitted to the Registrar of Companies.
I consider that a sector-specific disclosure regime such as that suggested would be open to accusations of discrimination and, were it to be required generally in the economy, could have implications in terms of business costs and attracting foreign direct investment. Accordingly, I have no plans to introduce specific disclosure requirements for retail multiples.
