WORKING GROUP ON COMPANY LAW COMPLIANCE AND ENFORCEMENT ESTABLISHED

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment and Noel Treacy T.D., Minister for Science, Technology and Commerce have today (Friday 7th August 1998) announced the setting up of a Working Group, comprising Government and independent members, to advise on improving compliance with and enforcement of company law. The Group will be chaired by Mr. Michael McDowell S.C. Members of the Group are appended in the Notes for Editors.

The Tánaiste said "The Government decision to set up the Group was influenced by the recent emergence of strong indications of abuses of company law which pose a particular problem for the integrity of the system of company regulation. The consequential public concerns must be allayed if the social consensus and Ireland's standing as a reputable place to do business which underlies our present economic success is to be maintained in the future".

The Working Group will:

• review the compliance arrangements and enforcement regimes for company law;
• consider the respective roles for the parties responsible for compliance and enforcement, particularly the Courts, the Minister for Enterprise, Trade and Employment, the Director of Public Prosecutions and the Registrar of Companies;
• identify and evaluate the legislative, organisational and resource issues affecting compliance and enforcement;
• make appropriate recommendations to address these issues;
• examine and identify the resources and structures necessary to achieve a more frequent updating of companies legislation;
• identify the cost and benefits involved in implementing its recommendations;
• report to the Tánaiste and the Minister for Science, Technology and Commerce by 30th November, 1998.

I n addition to independent members on the Group there will also be representation drawn from a number of Government Departments and agencies, including the Attorney General's Office and the Revenue Commissioners.

There will also be representation drawn from the following Government Departments and agencies: - the Department of Enterprise, Trade and Employment - the Revenue Commissioners - the Department of Finance - the Department of Justice, Equality and Law Reform - the Attorney General's Office - the Registrar of Companies - Garda Siochanna