Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024
On 15 March 2024, the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 was published by the Minister of State for Trade Promotion, Digital and Company Regulation.
The General Scheme contains provisions amending and enhancing the Companies Act 2014 primarily relating to four areas of company law, namely, (i) corporate governance, (ii) company law enforcement and supervision, (iii) company law administration and (iv) corporate insolvency.
Provisions that are expected in the bill, once enacted, include:
- the option to hold fully virtual general meetings going forward (originally introduced under the Companies (Miscellaneous Provisions)(Covid-19) Act 2020 (the “Covid-19 Act”), which is set to be repealed);
- a graduated regime to replace the automatic loss of the audit exemption for a first late filing with the Companies Registration Office;
- appropriate legislative tools for investigating and prosecuting breaches of company law by the statutory authorities enforcing the Companies Act 2014, namely the Corporate Enforcement Authority, the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority; and,
- a permanent provision to enable documents under seal to be executed in different counterparts (re-instating temporary arrangements introduced under the Covid-19 Act).
When publishing the General Scheme, Minister Calleary stated “this important bill, when enacted, will ensure Ireland’s Companies Act 2014 remains fit for purpose, providing a modern and responsive business regulatory environment that reflects international best practice.”
The Office of the Attorney General is now working on priority drafting of the bill and we will follow its progress and keep you updated!
