Other Matters Regarding Directors

Loans and other types of transactions with directors There is a requirement contained in Section 307 for directors to disclose information about any benefits such as loans, quasi-loans, credit transactions and guarantees. Further detail on these types of transactions and the related disclosures are set out here: Directors Loans and Transactions.  Approval and signing of…...

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Directors Remuneration

Whilst fundamentally the disclosure around directors’ remuneration has not changed with the exception of the requirement to disclose gains made on the exercise of shares options, the Act provides for broader disclosure in a number of areas. Firstly, the definition of what constitutes a director has been expanded to include de facto directors. Section 222…...

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Compliance Statement

The Act restores, in a more targeted and proportionate way than was previously presented in legislation, the Compliance Statement for listed companies (excluding investment companies as defined by Section 1386 of the Act) and large private companies. This is covered under Section 225 of Part 5 of the Act. In the context of the Compliance…...

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Audit Committee Statement

The Act under Section 167 requires that certain companies establish an audit committee. An ancillary requirement of the audit committee formation is a statement in the directors’ report confirming that this has been done or, as the case may be, if the company has decided not to do so setting out the reasons why. The…...

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Statement on Relevant Audit Information

Under Section 330 of the Act, all companies publishing a director’s report as part of the financial statements will now have to include a statement by the directors known as the ‘Statement on Relevant Audit Information’.  The inclusion of this statement is only applicable where the financial year commences on or after 1 June 2015…....

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Information on Interests in Shares or Debentures

In accordance with Section 329 of the Companies Act 2014, the directors’ shareholdings and/or their interest in debentures of the company or any group company and the movements therein during the financial year ended are required to be disclosed. The requirement is in respect of interests at the end of the financial year in question…...

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Information on the Acquisition and Disposal of Own Shares

Section 328 of the Act specifies that where, at any time during a financial year of a company, shares in the company – are held or acquired by the company, including by forfeiture or surrender in lieu of forfeiture; or are held or acquired by any subsidiary undertaking of the company, the directors’ report with…...

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Business Review

Under Section 327 of the Act, all companies are required to include a fair review of the business. This business review is required to include: A fair review of the business of the company, and A description of the principal risks and uncertainties facing the company   The business review should be a balanced and…...

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Directors Report

Section 325 of the Act requires the directors of a company to prepare for each financial year a directors’ report detailing the matters set out below. All companies, regardless of type, are required to present a directors’ report which shall include certain prescribed matters depending on their size and whether such a matter is relevant…...

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Directors Responsibilities

Directors’ responsibilities as they relate to financial statements are set out below: Directors’ responsibility Reference The directors are responsible for preparing the Directors’ report 325 The directors are responsible for preparing the financial statements in accordance with applicable Irish law and regulations. 290 The directors are required to prepare financial statements for each financial year…....

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