I have received no formal submissions regarding section 305(1) of the Companies Act 2014. I have however received correspondence raising some concerns about this section of the 2014 Act. Every company in Ireland, with the exception of investment companies, is obliged to file an annual return with the Registrar of Companies at least once every calendar year. The annual return is a document setting out certain prescribed company information which is required to be delivered by an Irish company to the Companies Registration Office. The rationale for the statutory provisions requiring certain information to be disclosed is for the purposes of protecting shareholders, creditors and the public.
To a large extent, the requirements in Part 6 of the Companies Act 2014 are unchanged from the previous Companies Acts. However certain provisions have been redrafted in order to make them easier to understand and thus improve compliance. It is now explicit that disclosure of directors’ remuneration is required to be included in the abridged financial statements of a small company.