Mick Wallace (Wexford, Independent) | Oireachtas source

I move amendment No. 61:

In page 248, between lines 35 and 36, to insert the following:"237. Upon incorporation of a company, the Companies Registration Office shall issue to all listed directors a document setting our a summary of this Chapter in plain language, to include the duties provided for and the consequences for breach of such duties.

This allows for the dissemination of a director's duties as set out in Part 5. The purpose of this codified version of the duties, which currently exists in a combination of common law and statutory provisions, is to act as a signpost as to the standard of conduct expected of directors.

This amendment will facilitate the wider dissemination of these duties to all new directors upon the incorporation of a company. This would educate them fully on their responsibilities and, in a broader sense, promote a culture of corporate responsibility. Currently, this role is fulfilled by a solicitor at the expense of the company and many start-up companies do not have the means for such legal advice. Also, where there are volunteer directors, for example, in the property management sector - there are many of them around Dublin city at the moment - who are also subject to additional requirements under the Multi Unit Developments Act 2011, they may not have the means to seek legal advice regarding the legal duties owed by them.

People take too much for granted concerning what directors know about their responsibilities. We could address this matter in this manner and it would be positive to do so.