In the December 2009 Legal News, we reported that the 2006 EU Directive on Company Reporting had been implemented into Irish law. This Directive requires companies whose securities are admitted to trading on a regulated market (e.g. admitted to trading on the Irish Stock Exchange) to include a corporate governance statement in their annual accounts.
The implementing regulations did not contain a commencement date. In our February Legal News, we reported that the Department of Enterprise, Trade and Employment was considering an amending statutory instrument which would include transitional provisions for the introduction of these regulations.
Following engagement from the Irish Funds Industry Association, on 25 February 2010 the Minister for Enterprise, Trade and Employment signed an amending regulation clarifying that the requirement for investment funds to include a corporate governance statement in their annual accounts only applies to financial years beginning on or after 18 November 2009. For other companies subject to the Directive, the requirement to include a corporate governance statement applies to financial years ending on or after 18 November 2009.