Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

It has long been acknowledged by stakeholders that the industrial and provident societies legislation governing most Irish co-operatives is outdated and lacks clarity in several areas. As a consequence, the current model is not considered an attractive option for incorporation, in contrast to the modern environment available under company law.

Reform of the legislation is long overdue and the general scheme of the co-operative societies Bill provides a specific legislative basis for co-operative societies. For the first time, societies that register under the legislation will be required to adhere to the co-operative ethos. The legislation consolidates and modernises existing provisions and introduces new provisions on corporate governance, financial reporting and compliance requirements. There will be an opportunity to tease through that legislation as it comes through the Oireachtas. If members have amendments, I ask them to table them early and we will try to consider them fairly. More broadly, my experience of co-operatives has been in the agriculture and agrifood space. They have been central to the success of the agrifood economy. Some of our most successful global companies grew out of co-operatives. I can assure the committee that I am a supporter of a co-operative structure, specifically in certain sectors where they have been successful. We want to get this legislation right. We will have an open mind to sensible amendments and if members submit them early we will try to give them a response on them.