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

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Presentation transcript:

CORPORATE COMPLIANCE & GOVERNANCE Evaluating Progress and Perceptions by John Heneghan University of Limerick, September 24, 2004

2 Companies Act 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 The Market Research directors, 100 auditors, 10 liquidators - “Levels of compliance have increased significantly” Use Section 56 to look at earlier appointed liquidators benchmarks Response?

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)