The Institute of Chartered Accountants in Ireland has welcomed the remarks made by the Minister for Trade and Commerce, Michael Ahern, on the Companies Act Director's Compliance statements in the Seanad this morning.
The Minister said this morning that he had listened to the concerns expressed by affected parties, including the ICAI, as to the impact the compliance statements might have on company's costs and competitiveness.
He also indicated that he was considering referring the issue to the Company Law Review Group. The Minister made his remarks while introducing the Investment Funds and Miscellaneous Provisions Bill 2005.
A recent survey of ICAI members indicated that almost 70% did not believe the process would benefit their companies. They believed the costs involved to be considerable, and up to 25% indicated that it might force some companies to change the nature and location of their registration.
50% of ICAI members said the compliance statements would cost their firms over €50,000 a year.
'In congratulate the Minister for being prepared to rethink this issue,' commented ICAI President Terence O'Rourke.
'We hope that he will conclude that the provision is way in advance of similar measures in any other jurisdiction and therefore not in Ireland's long term interest,' he added.
