Companies Act 2014

F593 [ Removal of statutory auditors or audit firms by public-interest entities - supplementary provisions

1515

1515. (1) In the case of a statutory audit of a public-interest entity

(a) shareholders representing 5 per cent or more of the voting rights or of the share capital, or

(b) the Supervisory Authority,

may bring a claim before the High Court for the removal of the statutory auditor or audit firm subject to there being good and substantial grounds for bringing such a claim before the Court.

(2) The grounds for bringing the claim before the High Court shall relate to

(a) the conduct of the auditor or audit firm with regard to the performance of his or her duties as auditor of the public-interest entity or otherwise, or

(b) the petitioner s opinion that it is in the best interests of the public-interest entity to do so.

(3) For the purposes of subsection (2)

(a) diverging opinions on accounting treatments or audit procedures cannot constitute the basis for the passing of any resolution for the purposes of that subsection, and

(b) best interests of the public-interest entity shall not include any illegal or improper motive with regard to avoiding disclosures or detection of any contravention by the entity of this Act. ]

Annotations

Amendments:

F593

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 51, S.I. No. 366 of 2018.