Reform and consolidation of law to improve: • Market performance; • Regulatory efficiency; • Stakeholder satisfaction.
Restructuring Consolidation Simplification modernisation Private company limited by shares becomes standard company type Elements of reform
Ongoing Consultation • As draft parts of the new General Scheme are agreed they are posted on CLRG website, www.clrg.org
Potential relevance to charities • Reform of guarantee companies • Designated activity company • Charity designated activity company?
Loyalty Obedience to company constitution Avoidance of secret profits Independence of judgement Avoidance of conflicts of interest Care, skill and diligence Consideration of interests of third parties Fairness Directors’ duties
Current organisation of charities • 6,300 Charities registered with Revenue Commissioners • 2,800, or 44%, of these constituted as guarantee companies • 3,500, or 56%, other forms of organisation
Issues • Charities regulated how? • Within/distinct from Companies Acts? • Annual returns? • Who enforces charities regulation?