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Corporate Governance and Administration Conference
Jury’s Hotel, Ballsbridge
25 March 2003
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“Ensuring Compliance in Your Company”
Paul Appleby
Director of Corporate Enforcement
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Outline of Presentation
Role of the ODCE Interaction with Agencies/Professional Bodies Directors’ Duties to ensure Compliance ODCE’s Investigative/Enforcement Role What to do if approached by ODCE
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Role of the ODCE
Encouraging Compliance Uncovering Company Law Breaches Prosecuting Detected Breaches Sanctioning Improper Conduct in
Insolvent Companies Delivering Quality Services
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Interaction with Agencies/Bodies
(1) Compliance Development of Guidance for Company
Directors, Auditors, Liquidators, etc. Promotion of Compliance Message Legislative Change/Implementation
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Interaction with Agencies/Bodies
(2) Investigation/Enforcement Persons subject to a Reporting Obligation Information-Sharing Arrangements CRO, Courts, DPP’s Office, etc.
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Directors’ Duties (1)
The Company – a Separate Legal Person General Duties of Directors
Act in the Company’s (not Personal) Interest Act with Due Care, Skill and Diligence
Defined Legal Obligations/Constraints Disclosure Requirements
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Directors’ Duties (2)Company Documents to be kept,
updated and made available Register of Members Register of Directors and Secretary Register of Directors’/Secretary’s interests Register of debenture holders Directors’ Service Contracts Minute Books
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Directors’ Duties (3)
Basic Operational Obligations Keeping proper books of account Holding the annual general meeting (AGM) Circulating to members before every AGM a
signed copy of the balance sheet, profit and loss account, director's and auditor's report
Holding an extraordinary general meeting when circumstances require
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Directors’ Duties (4)
General Filing Obligations Change in constitution of company Change in registered office Change of directors/secretary Increase in Nominal/Issued Capital Annual return Mortgages and charges
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Directors’ Duties (5)
Burden of Proof 1963-2001: Burden with the Prosecutor
to prove “knowing and wilful default” Now: Burden with the Defendant to
prove that he took “all reasonable steps to prevent” default
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Investigative/Enforcement Role (1)
Main Triggers for Investigation Auditor Reports of Indictable Offences Liquidator Reports on Insolvent Companies Public Complaints Matters in the Public Domain
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Investigative/Enforcement Role (2)
Process of Investigation Filtering Assessment Collection of Evidence Decision-Making
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Investigative/Enforcement Role (3)
Decision Options Voluntary Compliance Insufficient Evidence Civil Remedy Restriction/Disqualification Summary Prosecution Prosecution on Indictment
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What to do if contacted by ODCE
Don’t Panic! May be no element of culpability
Co-operate! Entitled to seek certain registers, etc. Seek professional advice in case of doubt May require search warrant in other cases
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Sources of Information
www. odce .ie About the ODCE ODCE Services ODCE Publications/Statements Legislation Court Decisions