The Lowdown: Mandatory directors’ compliance statements

This year will see the introduction of mandatory director compliance statements for all PLCs and large private companies, save unlimited companies.

A “large private company” is one with gross assets exceeding €12.5 million and turnover exceeding €25 million for the year.

Under the Companies Act 2014, directors of such companies must make an annual compliance statement in the directors’ report, which forms part of the company’s statutory financial statements.

In this, the directors ...