Dara Calleary (Mayo, Fianna Fail)
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Reform of the legislation relating to the co-operative sector has been a long-standing aim of the Department in the context of its regulatory reform and modernisation agenda. Currently, there is no specific legislation dealing with co-operatives in Ireland.

The proposed co-operative legislation will introduce a modern legal framework which will place the co-operative model on a more favourable and clear legal basis. It will create a level playing field with the situation applying to companies and encourage the consideration of the co-operative model as an attractive formation option for entrepreneurs and also for social and community activities. A modern legislative basis, including corporate governance requirements, financial reporting and compliance requirements will also provide confidence to stakeholders and help to encourage investment in co-operatives.

As part of the reform of the legislation, my Department held two public consultations over the years, the responses to which have informed the work undertaken on the development of the general scheme of Co-operative Societies Bill. In the context of finalising the legislative proposals, the Department provided stakeholders with a further opportunity to submit views on a number of specific issues in a further public consultation held in early 2022, including offering an opportunity for respondents to make general comments to inform the development of the legislation. I also note that the Joint Committee on Enterprise, Trade and Employment concluded its pre legislative scrutiny on foot of its engagement with stakeholders and made its report available to me.

The general scheme which was published in November 2022, provides a specific legislative basis for co-operative societies for the first time. This includes a definition of a co-operative society which is based on the definition of the International Cooperative Alliance, the guardian of the Statement on the Cooperative Identity, and which is widely used in many other jurisdictions. In addition, societies registering under the legislation are being required to adhere to the co-operative principles contained in the above Statement.

Engagement with key stakeholders on issues raised is ongoing. My officials are currently examining feedback received to date on the proposals, including the proposals to provide a more inclusive definition of what constitutes a co-operative, with a view to addressing the issues, where appropriate.

My Department looks forward to further engagement with stakeholders over the coming months in the context of the finalisation of a draft Bill.