The government has set out plans to update company law and grant new powers to statutory authorities.

The said document outlines the heads of the General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024.

Company law provides the legislative framework for the structure and operation of companies registered in Ireland, whether domestic or foreign. It seeks to ensure a balance between simplifying the day-to-day running of a business, maintaining necessary protections for those dealing with companies, such as creditors and investors, and putting in place an effective corporate governance regime to ensure compliance. This law is contained in the Companies Act 2014 and related statutory instruments.

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).

Dara Calleary, minister of state for trade promotion, digital and company regulation, said: “I am pleased to publish the general scheme of this important bill.

“Company law is dynamic, and a strong company law framework is essential to support a productive and competitive economy and reinforce Ireland’s reputation as an attractive place to do business.

“This 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 bill will also give new enforcement powers to the Corporate Enforcement Authority, the Companies Registration Office and the Irish Auditing and Accounting Supervisory Authority.

The provisions of the General Scheme were developed following significant consultation and stakeholder engagement, including input from the business community, legal and accounting practitioners, the Company Law Review Group, from the bodies established under the Act and following a full public consultation.

“I look forward to working with the Office of the Attorney General and the Oireachtas to get this legislation progressed as a matter of priority,” Mr Calleary said.


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