Corporate Governance

Dáil Éireann Debate, Tuesday - 10 December 2019

Tuesday, 10 December 2019

Questions (294)

Robert Troy

Question:

294. Deputy Robert Troy asked the Minister for Business, Enterprise and Innovation the progress to date in tabular form regarding each of the action points made in the report Measures To Enhance Ireland’s Corporate, Economic And Regulatory Framework, published in November 2017, for which her Department had lead responsibility for implementation; if each such action point has been completed, not completed or is ongoing, respectively; and the revised deadlines for action points not delivered by original timelines committed. [51395/19]

Written answers

Minister for Business, Enterprise and Innovation

The “Measures to Enhance Ireland’s Corporate, Economic and Regulatory Framework”, was published in November 2017. It laid out a comprehensive set of actions to ensure that the legal and regulatory environment in Ireland in the area of corporate, economic and regulatory crime is subject to regular scrutiny and review so that it is strengthened appropriately to meet emerging risks and challenges.

The attached table details the status of the four key action points for which my Department has lead responsibility for implementation.

Table: ORGANISATIONAL & PROCEDURAL REFORMS

Action 1: Establish a new independent Agency that it is better equipped to investigate increasingly complex breaches of company law
	Action point	Status
1.1	Develop legislative framework following appropriate consultation with stakeholders	Priority drafting approved by Government 4 December 2018
1.2	Publish the General Scheme of Bill	Published 4 December 2018.
1.3	Pre-legislative scrutiny	Pre-legislative scrutiny is on-going
1.4	Publish Bill	Awaiting outcome of pre-legislative scrutiny
1.5	Enact Bill	Awaiting outcome of pre-legislative scrutiny
		CORPORATE GOVERNANCE
Action 2: Examine the Company Law Review Group Report on Corporate Governance and bring forward proposals, including for legislative change, as appropriate
	Action point	Status
2.1	CLRG to publish its Report on Corporate Governance	Published November 2018
2.2	DBEI to consider the CLRG Report and publish General Scheme of Bill as appropriate	On-going. A number of the CLRG’s recommendations are reflected in the Heads in Part 4 of the General Scheme of the Companies Corporate Enforcement Authority Bill 2018.
Action 3: Transpose the Shareholders Rights Directive
3.1	Initiate Public Consultation seeking views from stakeholders to inform transposition of the Directive	Completed
3.2	Transpose Directive	Draft Regulations were sent to the Office of Parliamentary Counsel on 28 November 2018 for finalisation and settlement. Work is ongoing with the Office of Parliamentary Counsel to finalise the Regulations to transpose the Directive and it is expected that this work will be concluded shortly.
Action 4: Enact the Companies (Statutory Audits) Bill 2017
4.1	Publish the Companies (Statutory Audits) Bill 2017	Completed
4.2	Enact Companies (Statutory Audits) Bill 2017	Completed