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CORPORATE COMPLIANCE & GOVERNANCE Evaluating Progress and Perceptions

CORPORATE COMPLIANCE & GOVERNANCE Evaluating Progress and Perceptions. by John Heneghan University of Limerick, September 24, 2004. Companies Act 2001 . . . set up the Office of Director of Corporate Enforcement (ODCE). Encourage compliance Bring to account those who disregard the law.

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CORPORATE COMPLIANCE & GOVERNANCE Evaluating Progress and Perceptions

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  1. CORPORATE COMPLIANCE & GOVERNANCEEvaluating Progress and Perceptions by John Heneghan University of Limerick, September 24, 2004

  2. Companies Act 2001 . . . set up the Office of Director of Corporate Enforcement (ODCE) • Encourage compliance • Bring to account those who disregard the law

  3. SMEs among the ‘tigers and the bears’ . . . seeking • Fairness in competition • Adherence by all players to laws • The chance of generating credibility “As a general rule, creditors and other stakeholders enjoy better protection and lower commercial risks in a compliant legal environment” Paul Appleby, Director ODCE

  4. the ODCE enforces compliance with Co law Consider the key stakeholders • Company directors • Shareholders • Auditors • Creditors • Liquidators The question for policy makers?

  5. Instigating Evaluation Policy maker must answers 4 questions • Policies: • Are they clear and coherent? • Do they have clear objectives? • What are the targets • Are they being evaluated? (Storey, 2004)

  6. The ODCE performance? 2003 Report • 43 convictions against 26 co’s & individuals • Restricted 150+ directors • 3,000 issues or cases of suspected misconduct A little one-dimensional? Probing deeper into the 2003 report: Internally – analysis of Insolvency reports Externally – independent market research (TNS/mrbi)

  7. The Analysis . . . 1 in 5 directors of Irish insolvent Co’s stood accused of serious misconduct Use Section 56 to look at earlier appointed liquidators Response? The Market Research . . . 300 directors, 100 auditors, 10 liquidators - “Levels of compliance have increased significantly” Response? benchmarks

  8. The conclusion . . . • A Snapshot from Munster: 16 out of 19 accountants . . . ODCE is effective(Hughes, 2004) • A sense of introspection conducive to evaluation • Enhancing business integrity in Ireland But note Paul Appleby’s observation “Staffing resources will have to be comprehensively reviewed if standards are to be maintained.” (Annual Report 2003)

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