Sorca Clarke
Question:257. Deputy Sorca Clarke asked the Minister for Enterprise, Trade and Employment the current status of the proposed companies (corporate governance enforcement and regulatory provisions) Bill 2023. [26351/23]
View answerTuesday, 30 May 2023
Questions (257)
Written answers
I launched a public consultation for the Companies (Corporate Governance Enforcement and Regulatory Provisions) Bill 2023 on 8th May 2023. The deadline for receipt of submissions in response to this consultation is 5pm on the 9th of June.
The legislative framework provided for by the Companies Act 2014 is regularly reviewed to ensure that the original objectives remain valid and are being achieved, and to consider developments arising from stakeholder engagement, developments in case law and the work of the Company Law Review Group (CLRG).
The Government is also committed to ensuring that the authorities established under the Act, the Companies Registration Office (CRO), the Corporate Enforcement Authority (CEA) and the Irish Auditing and Accounting Supervisory Authority (IAASA) have the appropriate legislative tools to effectively undertake their statutory functions.
The scope for reform at this time broadly relates to four distinct areas of company law including corporate governance, company law enforcement and supervision, company law administration and corporate insolvency including the regulation of receivers. It is intended that the Companies (Corporate Governance Enforcement and Regulatory Provisions) Bill 2023 will include miscellaneous provisions amending the Companies Act 2014 in relation to these areas.
Responses to the public consultation will inform the drafting of Heads of a General Scheme in the coming months.