Dáil debates
Wednesday, 25 September 2024
Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024: Second Stage
5:20 pm
Emer Higgins (Dublin Mid West, Fine Gael) | Oireachtas source
I thank Deputies - for the most part - for their overall support for this Bill and for the comments I have heard this evening, many of which have been very helpful. I thank my officials from the Department who have steered this Bill through pre-legislative scrutiny and in the Chamber today. I wish to respond to some of the comments made.
Deputy O’Reilly referred to the need to support employees in remote working as well to support those on boards. I fully agree with that. That is why this year the Government brought in a legislative right to request remote working. That is now been supported by a code of practice for both employers and employees. Deputy O’Reilly also spoke about digitalisation and upskilling. Deputy Healy-Rae might be interested in this as he also asked about how we are going to support SMEs with digitalisation. I am pleased to confirm that the digital transition fund, which is Next GenerationEU funding, is using €85 million to support SMEs with digitalisation. Today, Enterprise Ireland and the National Cybersecurity Centre launched a new cybersecurity review grant of up to €3,000, which will be available from today onwards.
I will speak to Deputy Catherine Murphy's points next. I will come back to the other Deputies who are not present in the Chamber at the moment.
The Deputy mentioned that Covid forced us all to do things differently from a working perspective. I fully agree with that. She acknowledged the environmental benefits as well as the work–life balance benefits of doing more online. I fully agree with this. She also mentioned the need to allocate resources alongside powers. That is something we are absolutely striving to do. The Deputy asked specific questions about the CEA. I can confirm that the overall headcount is 88. The number of gardaí seconded to the CEA, which was asked about specifically, is 16. That is more than double the number this time last year.
With regard to the register of beneficial ownership, which Deputy Catherine Murphy mentioned, the relevant legislation is under the Ministry for Finance, but I will pass on the Deputy’s feedback. The CRO manages the register only but the Bill makes amendments to enhance the process carried out by the registrar of companies. I am glad to hear the case the Deputy raised was, when she escalated it to an agency, dealt with in due manner. I reassure her that amendments in this Bill provide that the register of beneficial ownership may strike a company off for not providing information on beneficial ownership. I hope that is good news and reassures the Deputy.
Deputy Michael Healy-Rae should note I am pleased to confirm I have not lost my senses. I am glad to say there is no need for him to be so upset. He stated this Bill will place an additional onus on companies. I am glad to confirm it will not. I am not sure the Deputy read the information we supplied but, if he has it available to him, he will note the Bill does not in any way put an additional burden on businesses. In fact, it actually reduces it, and that is why so many parties in the Opposition have supported the Bill today. It is very much about supporting SMEs. That is something I am fully committed to as Minister of State.
Deputy Healy-Rae mentioned digitisation, microfinancing and the ability to draw down loans. I wish to let him know, in case he was not aware, that last month we doubled the amount that can be drawn down through microfinancing, which has been of great benefit to entrepreneurs, microfinancers and SMEs. The Deputy mentioned the phrases "common sense" and "balance", as did many today. Many who did so felt the legislation delivered from a common-sense perspective and struck the balance necessary. I am really pleased about that.
I confirm to Deputy Danny Healy-Rae that it is his local authority that has responsibility for setting rates, as he may be aware. I believe he has many colleagues sitting on Kerry County Council and I hope they can help him in this regard.
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