Written answers

Wednesday, 7 February 2018

Department of Jobs, Enterprise and Innovation

Office of the Director of Corporate Enforcement

Photo of Jan O'SullivanJan O'Sullivan (Limerick City, Labour)
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57. To ask the Minister for Jobs, Enterprise and Innovation her plans to introduce legislation to strengthen the effectiveness of the Office of the Director of Corporate Enforcement; if extra staff will be assigned to that office; and if she will make a statement on the matter. [5960/18]

Photo of Heather HumphreysHeather Humphreys (Cavan-Monaghan, Fine Gael)
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The establishment of the Office of the Director of Corporate Enforcement as an agency is one of the key actions contained in the Government’s package of measures to tackle “white collar crime”.  This will give the Director greater autonomy and flexibility and ensure that the Agency  is better equipped to investigate increasingly complex breaches of company law.

Work on the development of the legislative framework for the establishment of the ODCE as an agency has commenced.  It is expected that the General Scheme of a Bill to give effect to this decision will be published by Q2 2018, with publication of the Bill by Q4 2018. 

The Government is committed to ensuring that the new Agency will be created in keeping with international best practice, including its internal controls, staffing, budget and corporate governance.  My Department will engage with the ODCE to seek their assistance in taking account of international best practice in the establishment of the Agency.

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. 

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