Companies Act 2014 section 924

Effect of breach of director's obligations in relation to material interest

Section 924 sets out the consequences for a director of the Irish Auditing and Accounting Supervisory Authority (IAASA) who breaches their obligations to disclose a material interest in an arrangement, contract or agreement with the Supervisory Authority.

• Where the Minister is satisfied that a director of the Supervisory Authority has breached their disclosure obligations under section 923, the Minister may take action depending on the director's role.
• If the director was appointed by the Minister, the Minister may remove that director from office if considered appropriate.
• If the director in breach is the chief executive officer, the Minister may recommend to the board that it remove that individual from the role.
• Any director removed by the Minister, or removed on the Minister's recommendation, is permanently disqualified from future appointment as a director or chief executive of the Supervisory Authority.