Ireland's Minister for Enterprise, Trade and Employment, Mr. Micheál Martin has announced the publication of The Companies Report 2006, which describes in summary form the main legislative changes made in relation to companies since 1 January 2006, and also reports on the implementation and enforcement of the Companies Acts by relevant public agencies and bodies during 2006.
Highlights of the report include changes to the audit exemption thresholds in the Investment Funds, Companies and Miscellaneous Provisions Act 2006, the first year of operation of the Irish Auditing and Accounting Supervisory Authority (IAASA) and the Company Law Review Group (CLRG).
One of the most significant changes was the increase in audit exemption thresholds to the maximum permitted under EU law (i.e. EU7.3 million for turnover and EUR3.65 million for balance sheet). This is in line with a recommendation by the Small Business Forum (April 2006). This change will have a significant impact in terms of lessening the regulatory burden on small business. It is therefore seen as a significant measure in terms of maintaining Ireland’s competitiveness generally.
Meanwhile, the Company Law Review Group (CLRG) produced a report containing its proposal for a General Scheme of the Companies Consolidation and Reform Bill. The proposed scheme envisages the consolidation of 13 Companies Acts and numerous statutory instruments that span a 43-year period, into a single piece of legislation which, when implemented, will be the most dramatic modernisation and simplification of company law in the history of the State.
In reference to this development, the Minister announced that:“The enormous effort which has gone into this modernisation and streamlining of the legal framework for companies is representative of our ongoing efforts to relieve the regulatory impact on those doing businesses in the State and promote an economic environment which is strong, successful and competitive.”
Martin indicated that he hoped to be in a position to publish a Bill, based on the proposed scheme, by the end of 2008.
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