Tánaiste welcomes joint initiative between Companies Registration Office and Institute of Chartered Secretaries and Administrators.

The Tánaiste and Minister for Enterprise, Trade and Employment, Ms. Mary Harney, T.D., today (Tuesday 30^th October 2001) launched the publication of a new information leaflet on the Duties of a Company Secretary in Ireland. The leaflet, which is available from the Companies Registration Office, and which will be issued to all companies on incorporation, was drafted by the CRO in close collaboration with the Institute of Chartered Secretaries and Administrators and, in particular, their outgoing President, Mr. Tony O'Dwyer.

The Tánaiste thanked Mr. O'Dwyer and the Institute for combining with the CRO to produce this valuable publication. This collaboration shows willingness on the Institute's behalf to help and educate company secretaries and administrators in general on the serious nature of their duties and the consequences of not fulfilling their responsibilities.

Ms. Harney said that the Companies Registration Office had achieved a remarkable turnaround in the number of companies filing their annual returns in the past three years. Looking at the Companies Report 2000, she pointed out that of the companies due to file an annual return in 2000 over 81,000 did so. That is approximately 92% of companies, and compares favourably to the 36% that filed in 1997.

The Tánaiste said, "This has been achieved with a certain amount of pain on the part of Irish companies and their officers. As an example, two weeks ago 80 Directors of Irish Companies were convicted in the District Court for non-filing and fines of over £35,000 were imposed, with substantial prison sentences if these fines are not paid".

Thursday the 25^th October was the last day for filing before the imposition of substantial late filing penalties aimed at getting companies, not only to file a return, but also to file it on time. With effect from Friday 26th October, companies which are late in filing their annual return will now incur an £80 late filing penalty and a further £2.40 per day for each day late.

The Committee on Company Law Compliance and Enforcement, chaired by the current Attorney General, Michael McDowell, SC, advocated this tougher attitude, which was given extra impetus by the Company Law Enforcement Act, 2001.

The Tánaiste said, "The enforcement measures being taken by the Office are balanced with steps to make it easier for companies to comply with the legal filing requirements. Improved publications are only one step in that direction.

"In order to make it easier for clients to file documents with us, the Companies Registration Office are taking a number of electronic filing initiatives. Of greatest interest to our clients will be a web-based form filling service. The fees order which implements the late filing penalty also eliminates the fee for filing certain documents where they are completed on the web. In the case of the registration of charges a guaranteed ten-day registration period will operate where the form is completed on the web. By the end of the year electronic filing of the annual return will be possible", she added.