Companies Act 2014 section 942

Liability of Supervisory Authority for acts, omissions, etc.

Section 942 provides immunity from damages claims for the Irish Auditing and Accounting Supervisory Authority and its personnel when acting in good faith, and sets out the Authority's power to indemnify those personnel.

• The Supervisory Authority and its members, directors, officers, employees, committee members, advisers, and authorised agents are shielded from liability for damages for anything done or omitted while performing their functions, provided they acted in good faith.
• This immunity can be defeated only where the act or omission is shown to have been carried out in bad faith.
• The Supervisory Authority may indemnify any of its associated personnel in respect of anything done or omitted in good faith while carrying out duties under the Act, including acts performed by authorised agents on behalf of such personnel.
• The indemnity can extend to liabilities arising from court or tribunal proceedings in another state, or from settlements of such proceedings, where the person relied in good faith on legal advice that the statutory immunity would not be applied by that foreign court or tribunal.