Minister for Trade Promotion, Digital and Company Regulation Dara Calleary has further extended the law which allows companies hold virtual AGMS to the end of 2024.
The Minister said the the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 related to the holding of virtual meetings, including AGMs, has been further extended to 31 December 2024 following Government approval.
This makes temporary amendments to the Companies Act, 2014 and the Industrial and Provident Societies Act, 1893 to address issues arising as a result of Covid-19.
The temporary provision of the Act allows 240,000 companies and 950 industrial and provident societies in Ireland to hold their Annual General Meetings (AGMs) and general meetings by electronic means.
Mr Calleary said the continuation of this important amendment will provide certainty and continuity for businesses to the end of next year.
"The further extension of this important provision will provide longer term certainty for companies and co-operatives. It will allow companies and co-operatives to continue to comply with their legal obligations and allow members to hold directors accountable," the Minister said.
"This extension will provide for consistency into 2024, when my Department will be bringing forth permanent legislative provisions in relation to virtual and hybrid meetings," he added.
The Minister said that Irish businesses in recent times have faced unprecedented challenges - from increasing business costs to supply chain disruptions due to geopolitical tensions to changing consumer spending patterns post Covid-19.
But in spite of this there has been a rapid resumption in economic activity and thus far business failures have remained low, he added.
"Government have been steadfast in our commitment to backing business, supporting economic recovery and making sure as many people as possible retain their jobs," the Minister said.
"This Government will continue to provide significant support to Irish businesses throughout this challenging time of rising cost of living and cost of doing business," he added.
