Deloitte publishes comprehensive corporate governance disclosure checklistDOWNLOAD
8 February 2012
Deloitte, the leading business advisory firm, has today issued an easy to use corporate governance checklist.
Companies listed on the main securities market of the Irish Stock Exchange are required to comply with an increasing variety of corporate governance disclosure requirements, many of which apply now for the first time to companies preparing their annual reports for 2011. The checklist will help companies in planning for and ensuring compliance with these regulations.
“Current corporate governance disclosures are complex and come from a variety of sources,” said Gerry Fitzpatrick, Head of Audit at Deloitte.
“Anything that makes life easier for hard pressed company secretaries and their Boards to get their disclosures right is to be welcomed. Deloitte is particularly pleased to make this checklist available on a pro bono basis.”
The checklist includes a commentary on the corporate governance requirements that apply to Irish listed companies and is aimed at making compliance with the requirements easier.
An appendix to the checklist sets out disclosure requirements for annual reports set out in various other Irish codes including those issued by the Central Bank, the Irish Funds Industry Association (for funds and their management companies), the Department of Finance (for commercial and non-commercial State bodies), and the Higher Education Authority (for universities).
Deloitte is making the checklist available freely on its website, www.deloitte.com/ie/audit, to underscore the importance it places on encouraging companies listed on the main securities market to make best in class disclosures regarding their corporate governance.
About Corporate Governance Disclosure Requirements
Companies with a listing on the main securities market of the Irish Stock Exchange are required to state in their annual report whether they comply with the UK Corporate Governance Code and the Irish Corporate Governance Annex. Where they do not comply they are required to give a fulsome explanation. In addition Irish law (SI 450 of 2009 as amended by SI 83 of 2010) impose legal requirements on certain companies (those meeting the definition of “public interest entities”) regarding the content of their corporate governance disclosures. The disclosures required are complex and the variety of sources setting out the requirements make corporate governance reporting a cumbersome and complex process. As a result it is often difficult to determine whether the disclosures are fully in compliance with the variety of rules that may apply.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/ie/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
The information contained in this press release is correct at the time of going to press.
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