Roderic O'Gorman (Dublin West, Green Party)
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677. To ask the Minister for Enterprise, Trade and Employment for an update on the Programme for Government commitment to Bring forward an updated legal framework for the co-operative model to clarify whether this means advancing the General Scheme of the Co-operative Societies Bill 2022; when he expects this bill to be introduced into the Dáil for second stage; and if he will make a statement on the matter. [45061/25]

Peter Burke (Longford-Westmeath, Fine Gael)
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I can clarify that the Programme for Government commitment referred to by the Deputy relates to the enactment of the Co-operative Societies Bill. My Department is working to finalise this Bill, which provides for the most far-reaching reform of the legislation governing co-operatives in the history of the State. The Bill introduces a modern legal framework which will place the co-operative model on a more favourable and clear legal basis and encourage the consideration of the co-operative model as an attractive formation option for entrepreneurs and for social and community activities. A modern legislative basis, including strong corporate governance requirements, will also provide confidence to stakeholders and help to encourage investment in co-operatives.

The Bill provides for a specific legislative framework for co-operative societies for the first time, with societies registering under the legislation being required to adhere to the co-operative ethos. It consolidates and modernises existing provisions and introduces modern corporate governance, financial reporting and compliance requirements, thereby providing confidence to stakeholders and making co-operatives more attractive to investors.

The Bill includes provisions to make it easier to set-up and operate a co-operative society – by reducing the minimum number of founding members (from seven to three); expanding the categories of founding members to include bodies corporate; and providing for audit exemptions for smaller co-operatives. The legislation will also repeal the existing outdated provisions on raising funds which will make it easier to access various sources of finance.

In recognition of the significant diversity across the co-operative sector, the Bill seeks to provide as much flexibility as possible, thereby empowering co-operative societies to reflect in their rules what best suits their own particular circumstances.

This is a large and complex Bill currently running to approx. 450 sections. Drafting of the Bill is nearing completion and my officials are working closely with the Office of the Parliamentary Counsel. I look forward to the final Bill being brought to Government at the earliest opportunity and thereafter progressing through the Oireachtas.