Róisín Shortall (Dublin North West, Social Democrats)
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82. To ask the Minister for Jobs, Enterprise and Innovation the steps she is taking to address identified shortcomings within the ODCE while the process of establishing a new corporate enforcement agency is under way; and if she will make a statement on the matter. [47316/17]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
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While it is crucial to identify and learn from any shortcomings in the investigative process, it is also important to recognise the valuable role the ODCE has played and continues to play in facilitating compliance and enforcement of company law.

Organisational reforms in the ODCE were commenced in 2012 by the current Director of Corporate Enforcement to ensure a more efficient and effective use of its resources. These improvements include:

- Reorganising the structures of the Office;

- Recruiting additional expertise, most notably six forensic accountants and a digital forensics specialist;

- Fundamentally amending the investigative procedures used by the Office, with members of An Garda Síochána now taking the lead on all criminal investigations; and

- Fostering a greater culture of risk management.

The structure and operation of the new Agency will build on these important advances and incorporate lessons learned in recent years.

The decision to establish the ODCE as a new independent agency will give the Director greater autonomy and flexibility and ensure that the Agency is better equipped to investigate increasingly complex breaches of company law.

In addition, the new Agency will be established in line with international best practice, including its internal controls, staffing, budget and corporate governance etc. My Department will engage with the OECD to seek their assistance in taking account of international best practice in the establishment of the Agency.

Furthermore, the Companies Act 2014 enshrines substantial and wide-ranging powers for the Director of Corporate Enforcement. Government is committed to ensuring that the Companies Act 2014 continues to deliver a robust yet competitive corporate regulatory framework for business in Ireland. Consequently, the provisions of the Companies Act 2014 are under continuous review.

Any further powers that are identified as a requirement for carrying out the functions of the Agency will be explored and made under statute as appropriate.

The Government remains committed to refining and developing Ireland’s response to criminal activity and regulatory crime and ensure that, like every other jurisdiction, we continue to respond to emerging challenges. This recently launched package of measures to combat “white collar crime” is designed to both strengthen and further review what is required to tackle such crimes.