IoD Members' Update
May 2020
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Firstly, I hope you and your families are keeping well and safe in these challenging times.
The business environment for companies and directors in Ireland and elsewhere is changing day-by-day during the COVID-19 crisis.
It is important that in the current, constantly evolving situation, where directors are making decisions in the best interests of the company, that current
Irish Company Law
provisions do not impose unrealistic demands on directors which may have far-reaching personal consequences for them personally.
For this reason, IoD Ireland has written to the Department of Business, Enterprise and Innovation, and the Office of the Director of Corporate Enforcement, on two separate occasions to address
two specific issues of concern in the Companies Act 2014
during this crisis and have asked for them to be addressed
urgently
.
The
first key issue
relates to the provisions in the Companies Act 2014 pertaining to the position of directors with regard to personal liability in the context of
reckless trading
.
It is vitally important that directors can conduct business without the possible threat of a charge of reckless trading where it can be demonstrated they continued to act in good faith and meet all other requirements expected of a director under the Companies Act 2014. It is unavoidable in the current environment that many companies will face solvency challenges.
It is our view that Ireland should take a similar initiative to the UK and relax or suspend Ireland's reckless trading law during the current crisis.
The
second key issue
was in relation to the
holding of AGMs
during the current COVID-19 pandemic. We undertook a snap poll of our members last week and the standout finding from that survey was that 90% of IoD members believe that the Companies Act 2014 should be temporarily amended to allow for a company to hold a virtual AGM without having to amend its Constitution in the current crisis.
We believe there is an urgent need for official action on the issue of AGMs during the public health emergency.
We live in extraordinary times and there is a need to deal with these issues promptly for the duration of the crisis.
We have received acknowledgements from the Department of Business, Enterprise and Innovation, and the Office of the Director of Corporate Enforcement,
as
well as support from politicians and other key stakeholders,
on these issues.
We hope that the matters raised by IoD Ireland will be taken under urgent consideration at the highest levels. We do not believe that delays, which would include waiting for these matters to come before the courts before guidance is issued, would be helpful for both businesses and directors in the current environment.
Stay safe.
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Minding What Matters - Coping with COVID-19 Culture While Working from Home
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Date:
Thursday, 7th May 2020
Time:
09:30 - 10:00
Sponsor:
IoD Morning and Evening Briefings Series is kindly sponsored by
Mazars
Please note, there will be a live Q&A facility for this webinar.
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McCann FitzGerald Factsheet
May 2020
The Shareholder Rights Directive 2017/828 (“SRD II”), which amends the Shareholder Rights Directive 2007/36 (“SRD I”), has finally been transposed into Irish law by the long awaited EU (Shareholders’ Rights) Regulations 2020 (the “SRD II Regulations”).
Our sincere thanks to
McCann FitzGerald
for their ongoing assistance in producing the IoD Factsheets.
Remember, you need to be logged into the website to view the IoD Factsheets.
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IoD Ireland's Exclusive ‘COVID-19 Resources and Guidance’ Online Hub
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It can be accessed directly through the
Members’ Area
of the website and new content will be promoted weekly with members through our COVID-19 ezines.
The hub already contains helpful resource documents from Mazars, McCann FitzGerald, Simon Kutcher & Partners, and more. Additional resources will be added regularly.
Please bear in mind that you need to be logged into the website to view this members' only content.
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A member of IoD Ireland since 2009,
Valerie Rice
is Managing Director of
Valerie Rice & Associates,
a strategic commercial marketing & retail partner to blue chip clients. With a career in food, drinks and retail with Superquinn, Diageo and Guinness, she is passionate about brands and the positive impact they can have on driving business profitability and purpose. Valerie is a Non-Executive Director of St Luke’s Hospital Trust and the Galway International Arts Festival.
What is one characteristic that you believe every leader should possess?
To be visionary: what has worked before is not guaranteed in the future. Business leaders need skills to envision how their business will re-imagine its future – having the vision to lead with real purpose and to navigate through challenging times as well as to build trust for your colleagues, customers and consumers
What advice would you offer to new or aspiring directors in Ireland?
The time you invest in building your network is invaluable and will reap benefits in creating important, lasting business relationships. Build relationships across sectors and capabilities, to build your skills, understanding and effectiveness as a business leader.
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Our 'Cyber Security - A Top Priority for Boards' webcast, held on Wednesday 22nd April, with
Sarah Hipkin
, Director of Data Protection, from
Mazars
, addressed the importance of board investment in cyber organisational measures - such as governance, policies, training and awareness - which can assist in reducing the risk of a cyber attack.
Please bear in mind that you need to be logged into the website to view this members' only content.
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Director
Magazine:
April/May Edition Now Available
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As an IoD member, you can access
the latest edition of
Director
magazine, published by IoD UK, free of charge.
Each edition is full of insightful interviews with entrepreneurs and company directors.
To access the magazine, please
click here
a
nd then use the login details below:
Email
address:
Magazine password:
Director2000
Please remember to
use the login details provided above
rather than your own email address when accessing the magazine. It will prompt you to enter your membership number - please
ignore this and enter the login details above
in the two boxes.
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Policy and Announcements Hub
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Government Supports for COVID-19 Impacted Businesses
A reminder that the Department of Business, Enterprise and Innovation has published a booklet detailing the key supports and resources available to help businesses impacted by COVID-19. View the
booklet
. Furthermore, on 2nd May, the Government announced
further measures
to support business.
Stability Programme Update 2020 (SPU)
The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, has published the Government’s Stability Programme Update 2020 (SPU). The SPU sets out a macroeconomic and fiscal scenario for the period 2020-2021 which incorporates the impact of the COVID-19 pandemic. The macroeconomic forecasts underpinning the SPU were endorsed by the Irish Fiscal Advisory Council on 10 April. Read the
SPU
.
Companies Registration Office (CRO) Online Services
Filing of Annual Returns
A reminder that the Registrar of Companies has decided that all annual returns due to be filed by any company now and up to 30th June 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date. Read the
CRO update
.
The COVID-19 Pandemic: Employment and Unemployment Supports
The Parliamentary Budget Office has published 'The COVID-19 Pandemic: Employment and Unemployment Supports' document. This publication summarises and analyses employment and unemployment supports from Vote 37 (Employment Affairs and Social Protection) that have been announced for employees affected by the pandemic, either through illness, temporary lay-off, or reduced income. In particular, this Paper focuses on the three schemes announced on 24 March 2020 for a twelve-week period as they comprise the majority of the Government’s fiscal response to the pandemic
.
It was published on 26th April 2020.
Read
'The COVID-19 Pandemic: Employment and Unemployment Supports'
.
Leman Solicitors: Free client/business support initiative
Many businesses have come under pressure due to COVID-19’s impact and are unsure of where they stand on certain issues and would like to be able to access expert, free advice on these concerns. IoD members may be interested to hear that each Leman lawyer, working remotely, has been mandated to give a 'Helping Hour' for free each day to take calls or emails from businesses needing a legal steer – whether it is a contract issue, an employee concern, a lease query – or 'anything at all'. Dominic Conlon, Head of Corporate at Leman, is contactable at 01-232 1075 or by email at
[email protected]
,
if you would like to schedule a virtual consultation.
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Enabling Remote Working - Best Practice and Guidelines
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Our 'Enabling Remote Working - Best Practice and Guidelines' webinar was presented by
Stephen Mackarel CDir,
Managing Director, workair and
Nick Aikman
, Channel Sales Manager, 8x8, on Wednesday 8th April, exclusively to IoD Ireland members.
The webinar provided an overview of some best practice techniques from working from home, including insights on meeting etiquette, the importance of communications, and cyber security, as well as an overview of the different types of technology that can be used.
Please bear in mind that you need to be logged into the website to view this members' only content.
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The IoD Blog:
From Executive to Consultant – A Personal Journey
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‘30 years’ experience is great but it’s not enough. You need to have some specific skills or expertise to sell. What makes you special or different?’
So writes
Gerry Egan CDir
in this interesting blog entitled,
'From Executive to Consultant – A Personal Journey'
. Gerry is a consultant and trainer specialising in corporate governance, data protection and strategy, working with clients in the private, public and non-profit sectors.
Previous blogs are also available on our
website
.
If you are interested in contributing to our blog or for further information, please contact Paul O'Mahony at
[email protected]
or call 01 411 0010.
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IoD and Members in the News
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(starts at 06.35.30 – link may expire in due course.)
(Similar audio clips appeared on Galway Bay FM, MidWest Radio, LMFM, and Midlands 103.)
Roscommon People:
Dramatic reversal in business confidence (print edition)
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IoD Member Benefits
Glennon Insurance - D&O, Car, Home
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Glennon Insurance
has created a tailored insurance solution for individual directors in Ireland, available only to IoD Ireland members.
This exclusive insurance scheme covers executive and non-executive directors, and senior management against legal actions and their costs, and helps protect personal assets.
Glennon Insurance is delighted to offer IoD members a complimentary and confidential consultation regarding Directors and Officers' (D&O) insurance.
In addition, Glennon Insurance has negotiated exclusive car and home insurance schemes for our members and their spouses or partners.
For more information on the above offers, please visit the IoD
website
.
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Leading and Communicating from Afar
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In the current health emergency, business leaders are now having to grapple with a new business reality while trying to manage their people - the vast majority of whom are working remotely. This short webinar from
Scott McInnes
, Founder of Inspiring Change, offers practical hints, tips and advice on how leaders can lead and communicate with their teams to maintain motivation, engagement, and, ultimately, productivity.
Please bear in mind that you need to be logged into the website to view this members' only content.
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Mental Health and Wellbeing Initiative
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The Government has launched a mental health and wellbeing initiative aimed at supporting the diverse mental health needs of the public during the COVID-19 pandemic.
The campaign, developed by the Department of Health, and the Health Services Executive (HSE), in collaboration with a range of cross-Government partners, will offer support and resources to help deal with the stress, anxiety and isolation currently experienced by many in Ireland. A new online resource available at
gov.ie/together
will offer advice to people on how to cope at home and will promote the mental health supports and resources available on the HSE’s
YourMentalHealth.ie
.
Watch the introductory video below:
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Follow our company page on LinkedIn for the latest updates.
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Follow our latest updates at
@IoDIreland
and
#iodevents
.
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