Dáil Éireann Debate, Tuesday - 21 May 2024
273. Deputy Pauline Tully asked the Minister for Enterprise, Trade and Employment the current status of the companies (corporate governance, enforcement and regulatory provisions) Bill; and when the Bill will move to the next Stage. [22953/24]
View answerThe Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 will amend and enhance the Companies Act 2014 (the 2014 Act). The General Scheme of the Bill was developed following extensive consultation and engagement with stakeholders and includes provisions amending the 2014 Act primarily in the areas of corporate governance, company law enforcement and supervision, company law administration and corporate insolvency.
The Bill contains two key provisions for business, amendment of the audit exemption regime for small and micro companies and a provision allowing companies and industrial and provident societies with the option to hold virtual meeting. It also implements recommendations of the Company Law Review Group around corporate governance and the regulation of receivers. In addition, the Bill aims to ensure that the statutory 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 appropriate legislative tools to effectively undertake their statutory functions and includes amendments aimed at enhancing the power of the bodies, streamlining procedures, delivering efficiencies and strengthening oversight.
On 5th March 2024, the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 was approved for priority drafting and publication of the General Scheme. The Bill was subsequently included on the Government’s list for priority publication in the summer session. On 20th March, the Joint Oireachtas Committee on Enterprise, Trade and Employment concluded its pre-legislative scrutiny of the General Scheme. The Bill is currently being drafted by the Office of Parliamentary Counsel.
