The Department of Enterprise, Trade and Employment will launch a public consultation later this month on proposals to enhance the Companies Act 2014, seeking views on a proposed Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill.
Some of the issues on which views will be sought include:
- Providing companies and industrial and provident societies with the option, in addition to the option to hold physical and hybrid meetings, to hold fully virtual AGMs and general meetings on a permanent basis;
- Delivering on Programme for Government commitment in relation to the regulation of receivers;
- Extending certain reporting obligations to examiners, interim examiners and process advisors;
- Amending the audit exemption regime for small and micro companies, to remove automatic loss of audit exemption and put in place a two-step, graduated procedure to deal with late filing; and
- Certain enhanced powers for the Corporate Enforcement Authority, the Irish Auditing and Accounting Supervisory Authority and the Companies Registration Office to strengthen the State's capability to meet the challenges faced in investigating and prosecuting alleged breaches of company law.
The public consultation is expected to launch by the end of April 2023.
We will publish further insights once the consultation is launched.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.