Companies Act 2014 section 1115

Requirement for corporate governance statement and modification of certain provisions of Parts 5 and 6 as they apply to PLCs

Section 1115 requires a Public Limited Company (PLC) whose shares or debentures are traded on a regulated market in the European Economic Area (EEA) to include a corporate governance statement, by applying the relevant provisions of Part 23 of the Act to such companies.

• A PLC with shares or debentures admitted to trading on a regulated market in an EEA state must comply with the corporate governance statement requirements set out in Chapter 3 of Part 23 of the Companies Act 2014.
• The corporate governance statement obligation applies specifically to PLCs whose securities are traded on regulated markets, not to all PLCs.
• The regulated market in question can be in any state within the European Economic Area, not solely in Ireland.
• Both shares and debentures (bonds) are covered — if either type of security is admitted to trading on a regulated market, the requirements apply.