The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (the “2024 Act”), came into effect in early December 2024, with some sections (26 of 90) expected to commence early this year, following technical updates to the Companies Registration Office (the “CRO”) ICT systems.
The 2024 Act marks a welcome modernisation of the Companies Act 2014 (the “2014 Act”), aligning more closely with current trends and evolving business practices – notably including, but not limited to the following provisions;
- Permanently enabling fully virtual general meetings;
- A reform of the audit exemption regime for small and micro companies by removing the automatic loss of exemption and replacing it with a graduated regime; and
- Allowing companies to execute documents under seal in counterpart.
Additionally, the powers of the Corporate Enforcement Authority (the “CEA”), the Irish Auditing and Accounting Supervisory Authority (the “IAASA”) and the CRO have been strengthened to better facilitate their statutory functions, for example, enabling the IAASA to issue an interim direction, in certain circumstances.
For more information on this enhanced legislative framework across areas of governance, administration, insolvency, enforcement, and supervision please contact a member of our Corporate Commercial team.
