CORPORATE GOVERNANCE AND COMPLIANCE UPDATE - Gatal Gazette - Issue 10 – Summer 2022
Since the issue of our Spring Update, the three main Corporate Governance talking points have been the publication of the 2021 Annual Reports by both the Companies Registration Office (“CRO”) and the Office of the Director of Corporate Enforcement (“ODCE”) which were shortly followed by the recent establishment of the Corporate Enforcement Agency (CEA”). This update will look at the main points relating to these three events.
The Companies Registration Office Annual Report 2021 – www.cro.ie
This annual report contained a number of statistical pieces of information in relation to the companies registered in Ireland, including the following:
The Office of the Director of Corporate Enforcement Annual Report 2021 – www.odce.ie
The 2021 annual report of the ODCE noted the following:
Establishment of the Corporate Enforcement Agency in Ireland – what is the CEA? – www.cea.gov.ie
The CEA was established on 7 July 2022 as Ireland’s company law enforcement agency, who’s aim is to promote high standards of corporate behaviour through the enforcement of Company Law. As of June 2022, there were over 280,000 active companies on the Register of Companies, all of which, along with their directors, comes within the remit of the CEA, which is the competent authority for the purpose of imposing sanctions on company directors.
The main functions of the CEA, under the Companies Act 2014 include:
The CEA receives information from auditors, examiners and receivers, who along with certain professional bodies, are required to submit reports to them under certain circumstances.
The CEA also actively encourage members of the public to submit complaints and any concerns where they suspect any instance of non-compliance with company law.
Enforcement action taken by the CEA can include:
Enforcement powers of the CEA include:
As can be seen by the above, company law, corporate governance and company secretarial compliance is regulated and monitored very closely by the relevant authorities. With the number of Director disqualifications, restrictions, court cases and fines increasing on an annual basis, it is
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