Oireachtas Joint and Select Committees

Tuesday, 19 February 2019

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

General Scheme of the Companies (Corporate Enforcement Authority) Bill 2018: Discussion

Photo of Billy KelleherBilly Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

I have some short questions.

Under the legislation, the new authority will have a structure of up to three commissioners. Is Mr. Drennan satisfied with the proposed structure? Will the statute give the authority enough flexibility to, for example, appoint individual commissioners to separate investigations?

In what common law or similar legal system across the globe is there an exemplary office of director of corporate enforcement or an enforcer of corporate governance and corporate law?

In reading Mr. Drennan's opening statement, the bottom line stands out for me. According to him, "An enormous level of high-quality investigative work was done over that period, an achievement that, unfortunately, came at a considerable human cost." We alluded to this matter in our discussions before Mr. Drennan's attendance. We have to see that 450-page document in order that we can have a statutory process in place that protects the integrity of corporate law and the State internationally and ensures financial services, those overseeing them and the underpinning legal system can be upheld and vindicated. That can only be achieved by having an office with the statutory powers and administrative supports necessary to go about its business of upholding corporate law in a way that does it credit, but we can only ensure that will happen by seeing the document and reflecting what is learned from it in the legislation and the resources provided for the office, whatever guise it will take once the statute is concluded.

Mr. Drennan referred to the "considerable human cost." Does the office now have a proper code of conduct and supports in place for staff? Does "human cost" mean threats and intimidation or just workloads? Is Mr. Drennan satisfied that the office now has sufficient oversight and HR systems to ensure its employees are protected and looked after in taking on large caseloads?

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