Companies are reminded that they are required to submit their first annual compliance statement under Section 25 of the Corporate Governance Code (the “Code”) to the Central Bank by 30 June 2012.  The Section 25 compliance statement confirms whether the company has complied with the Code for the period from 1 January to 31 December 2011.  This compliance statement is quite detailed and the work involved in completing it should not be underestimated.

For future years the Section 25 compliance statement should be filed annually with a company’s annual return to the Central Bank.

Remember: Under Section 25 of the Code, the Central Bank may require more frequent compliance reports from companies and they will notify companies if such information is required.

For further information, please contact John Larkin or Dianne McMahon of our Insurance and Reinsurance unit.

Contributed by Dianne McMahon