The Chartered Governance Institute - Irish Region

Irish Region

News update


Further guidance notes from members (re COVID-19)

With the COVID-19 situation continuing we thought we would share a selection of the helpful guidance notes that some of our members’ firms have written and published in recent weeks. We hope that you find them useful. These articles contain follow up contact details if members wish to query anything with the respective firm that published the guidance note.

General Guidance for company secretaries and governance professionals on compliance obligations

At this time of uncertainty and as boards rise to the challenges that COVID-19 has presented, we set out below some considerations from a company secretarial perspective. The practical realities of complying with company law unsurprisingly often drop way down the order of importance. Here are four articles from KPMG, CLS Chartered Secretaries, Deloitte and Arthur Cox with some key points for company secretaries and directors to bear in mind.

Central register of beneficial owners in respect of Credit Unions and certain funds

The Central Bank of Ireland (the Central Bank) has issued correspondence advising that following a decision by the Minister of Finance, the Central Bank will be the state authority delegated with responsibility for establishing and maintaining a central register of beneficial owners in respect of Credit Unions and certain funds (the Register).

See article by Simmons and Simmons here

Guidance on the holding of AGMs in context of Covid-19

An important topic at this time of the year. In addition to our recent article where we referenced articles by Arthur Cox, McCann FitzGerald and Mason Hayes and Curran, here are two further articles on the subject from Simmons and Simmons and Matheson.

Delegation of Authority

In the context of an absence of face to face board meetings this article from LK Shields discusses the relevant provisions of Companies Act 2014 (CA14) that provide for the authorisation of the delegation of corporate authority to persons other than directors to act on behalf of the company and sets out the circumstances in which that can happen.

Electronic Signatures

Using an electronic signature to execute documents is a practical and effective solution to the restrictions faced by businesses during the COVID-19 pandemic. See the latest article from William Fry on this important subject and an article from McCann Fitzgerald on signing documents from home

Preparing Financial statements

As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next. See article from Grant Thornton.

Cyber Crime

Cybercriminals are taking advantage of the COVID-19 panic, targeting individuals, corporations, governments and industries in Ireland and around the globe here are some guidelines to take on board. See article on the subject from Grant Thornton

Directors Duties

The duties of a director still carry on during the COVID-19 crisis and they still have legal and regulatory obligations.  See article from McCann Fitzgerald on duties and compliance obligations of directors and an article from Mason Hayes and Curran on 5 tips for Directors of Companies Facing Business Difficulties.

Obviously this is not an exhaustive list but if any members have further guidance notes that you would like us to publish please let us know at president@icsacharteredsecretaries.ie

 

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