Ground-breaking legislation for the Co-operative sector in Ireland
The Tánaiste and Minister for Enterprise, Trade and Employment have secured Government agreement to commence drafting the Co-operative Societies Bill. Based on the General Scheme developed by the Department, the Bill will outline a specific legislative framework for Co-operative societies registering under the legislation. For the first time they will be required to adhere to the Co-operative ethos.
The move will make Co-operatives more attractive to investors by consolidating and modernising existing provisions while introducing modern corporate governance, financial reporting and compliance requirements.