Lobby group says legislation goes too far
ICT Ireland, a lobby group for the high tech sector, has said that proposed new legislation on company directors would make Ireland one of the most regulated countries in the world.
It would impose significant additional costs on indigenous companies, and seriously undermine Ireland's attractiveness as a location of choice for foreign direct investment.
According to Peter McManamon, ParthusCeva and Chairman of the ICT Ireland Taxation Working Group, the Companies (Auditing and Accountancy) Bill 2003. which is currently before the Houses of the Oireachtas, "is one of the most far-reaching pieces of legislation ever introduced in this country."
ICT Ireland broadly supports and applauds the spirit and intent of the legislation in establishing a supervisory authority for the accounting profession.
However, McManamon said ICT Ireland has concerns regarding two aspects of the Bill.
The first is the requirement that all company directors prepare an annual compliance statement. Mr McManamon claimed the requirements were "impractical, unnecessary, and unwieldy".
Secondly, ICT Ireland believes that the requirement to establish Audit Committees in PLC's and private companies will be counterproductive.
