Catherine Murphy (Kildare North, Social Democrats)
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196. To ask the Minister for Enterprise, Trade and Employment if his Department is considering the promotion of appropriate corporate governance standards by adopting codes of conduct for a wider range of businesses and relevant professions; and if he will outline the work of his Department on improving corporate governance standards to date. [4470/22]

Robert Troy (Longford-Westmeath, Fianna Fail)
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There exist comprehensive corporate governance standards as set out in the Companies Act 2014. This was a landmark legislative project which was the result of many years of detailed and comprehensive work. The Act which was commenced in May 2015 consolidated, simplified and reformed company law to provide a modern framework for all companies regardless of the type of business being operated. The Act strikes a balance between simplifying the day to day running of a business, maintaining the necessary protections for those dealing with companies, such as creditors and investors, and putting in place an effective corporate governance regime to ensure compliance. 

In particular, Part 4 deals with corporate governance and provides for the duties and responsibilities of directors and other officers as regards their appointment, their proceedings in regard to the company and its members and the ways in which the activities of the company on a day-to-day basis are conducted. Part 5 contains the duties of directors and other officers of the company which prior to the 2014 Act were to be found in the common law and in various statutory provisions.  Part 6 contains provisions regarding the accounting records to be kept by companies, the financial statements to be prepared by them, the periodic returns to be made to the Registrar of Companies, and the auditing of financial statements. Part 27, inserted in 2018, sets out the rules for the conduct of statutory auditors and audit firms as required by EU law.

Broader governance duties and best practices also arise in other areas for which my Department has responsibility for. Indeed, other Departments can have a role especially in respect to sectoral matters. Examples in relation to my Department might include consumer rights, employment rights, occupational health and safety, etc. I would be happy to answer any further questions that the Deputy may have in relation to specific areas under my Department’s remit.