A report recommending the establishment of a Director of Corporate Enforcement with widespread powers is expected to go before the Cabinet next week. The new regulatory office, to cost £2 million (€2.52 million) annually, was recommended by the Company Law review group under the chairmanship of Mr Michael McDowell SC.
The committee was established by the Minister for Enterprise, Trade and Employment, Ms Harney, to suggest reforms for the State's business environment.
The director would have the power to impose on-the-spot fines for summary offences under the Companies Acts, according to the committee's report. Giving the director power to make High Court applications when breaches of company law occur is under consideration. That power currently lies with the Minister but the report recommends the transfer of function.
Meanwhile, the State has taken the first prosecution against a limited company for not giving details of its share register under section 116 of the Companies Acts, 1963. A £250 was imposed on Cumann Luch Capaillini Chonamara (Connemara Pony Breeders Society).
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