01 February 2016
Dublin, 1 February 2016 – According to ICSA: The Governance Institute, 2016 will be a significant year for Irish companies from a corporate governance and compliance standpoint. With the economy growing strongly and records for 2015 showing the highest level of new company registrations since the onset of the recession, there is plenty of reason for optimism across the corporate landscape.
Yet the legal and regulatory basis that underpins that landscape is undergoing great change as a result of the Companies Act 2014 and this places an obligation on Irish companies to undertake compulsory due diligence to ensure they are compliant with this new regime. These new standards introduce stricter punishments for non-compliance - in short, regulations that will challenge companies for the sake of ensuring that past mistakes due to lax corporate oversight are never made again.
‘Our experience has taught us that companies which enjoy long-term success place good governance at their core. The recent financial crisis is a grim vision of what can happen when the opposite occurs and responsible regulation goes by the wayside,’ according to Conor Ryan, President of ICSA in the Irish region. ‘With the recovery of the Irish economy still in its early stages, shareholders and investors are acutely aware of such matters and a company’s first job is to secure their hard-won trust - hence the critical importance of good governance. In this and other respects the recession we have emerged from, as well as any number of examples of drastically poor governance, should act as a spur to each and every company (not just banks), driving them away from the mistakes of the past and towards high and sustainable standards of leadership, decision-making and long-term strategy.’
According to Ryan, ‘2016 as we see it is an opportune year for companies to integrate a healthy and vibrant culture of good governance into every aspect of their business; to align with the provisions of the incoming Companies Act; to generate trust in their products and services; to drive transparency and ethical leadership; and to experience all of the rewards thereof: more business opportunities, enhanced company value and greater profits. In short, for all companies a year of great challenge and potentially ground-changing benefit.’
ICSA celebrates 125 years of existence this year and in recognition of the fact that it has progressed from a membership and qualifying body for chartered secretaries and administrators to the professional body for governance is rebranding as ICSA: The Governance Institute, effective today.
- Ends -
For further information, please contact Maria Brookes, Media Relations Manager:
+44 (0)20 7612 7062
+44 (0)7890 649 143
Notes to Editors: