Gerald Nash (Louth, Labour)
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44. To ask the Minister for Finance if he is satisfied with the operation of legislation that allows for credit unions to hold AGMs remotely; if he is aware that some credit unions now appear to use remote AGMs as their default mechanism to the detriment of in-person meetings; if he agrees that this approach can be exclusionary and open to abuse; and if he will make a statement on the matter. [5152/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I thank the Deputy for his question.

The Finance (Miscellaneous Provisions) Act 2020 amended the Credit Union Act, 1997 (the 1997 Act) in December 2020, and included a change to allow credit unions, at their discretion, to host general meetings remotely (either wholly or partially).

From July 2021 credit unions may hold virtual / remote general meetings (wholly or partially) if this is provided for in their rules.

Section 78(1) of the 1997 Act provides that ‘In respect of each financial year, a meeting (to be known as the "annual general meeting") of the members of a credit union shall be held at a time, at a place in the State (where applicable) and in the manner (where applicable) provided for under the rules.’

Section 78B(2) of the 1997 Act provides that ‘A credit union need not hold a general meeting at a physical venue but may conduct the meeting wholly or partly by the use of electronic communications technology as long as all attendees have a reasonable opportunity to participate in the meeting in accordance with this section’.

I believe that the legislative changes introduced in December 2020 provide choice and are more inclusionary rather than exclusionary. Virtual meetings facilitate the attendance of working people, the disabled and a wide range of society who may not be able to attend a physical meeting for one reason or another.

In the review of the policy framework for credit unions, completed as part of the Credit Union (Amendment) Act 2023, stakeholders raised no issues in regard to the current legislation surrounding AGMs.

It is my understanding that the majority of credit union AGMs are of a hybrid format, allowing for both in-person and virtual attendance. I would encourage credit unions to hold their AGMs in a manner which allows as many members as possible to contribute and participate. I believe that the legislative changes introduced in the Finance (Miscellaneous Provisions) Act 2020 facilitate this aim.