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Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:06.30,0:00:09.90,Default,,0000,0000,0000,,I want to mention two topics \Nthat I see impacting the
Dialogue: 0,0:00:09.90,0:00:13.07,Default,,0000,0000,0000,,Corporate Governance of \NIrish companies in 2023.
Dialogue: 0,0:00:13.80,0:00:18.50,Default,,0000,0000,0000,,The first is the Corporate Sustainability \NReporting Directive, or the CSRD.
Dialogue: 0,0:00:19.30,0:00:23.33,Default,,0000,0000,0000,,The CSRD was published in the official\NJournal of the European Union,
Dialogue: 0,0:00:23.37,0:00:29.15,Default,,0000,0000,0000,,on 16 December 2022, and it entered\Ninto force 20 days after that.
Dialogue: 0,0:00:29.60,0:00:35.65,Default,,0000,0000,0000,,Member states now have a period of 18 months\Nto transpose the CSRD into national law.
Dialogue: 0,0:00:35.72,0:00:41.16,Default,,0000,0000,0000,,The CSRD was first proposed by the European\NCommission as one of a number of measures
Dialogue: 0,0:00:41.24,0:00:46.19,Default,,0000,0000,0000,,designed to assist in achieving the\NEU's sustainable growth objectives.
Dialogue: 0,0:00:46.60,0:00:52.56,Default,,0000,0000,0000,,It aims to develop a harmonized EU-wide\Nframework for the reporting of relevant,
Dialogue: 0,0:00:52.65,0:00:55.85,Default,,0000,0000,0000,,comparable, and reliable \Nsustainability information.
Dialogue: 0,0:00:55.93,0:01:00.01,Default,,0000,0000,0000,,Non-financial reporting requirements\Nwere first imposed on large public
Dialogue: 0,0:01:00.07,0:01:06.72,Default,,0000,0000,0000,,interest undertakings in 2014, by the Non-\NFinancial Reporting Directive, or the NFRD.
Dialogue: 0,0:01:07.70,0:01:12.84,Default,,0000,0000,0000,,The NFRD was introduced to enhance\Nthe consistency and comparability of
Dialogue: 0,0:01:12.90,0:01:16.86,Default,,0000,0000,0000,,non-financial information\Ndisclosed throughout the EU.
Dialogue: 0,0:01:16.96,0:01:22.41,Default,,0000,0000,0000,,However, it fell short of achieving the\Nprimary function of corporate reporting,
Dialogue: 0,0:01:22.45,0:01:27.38,Default,,0000,0000,0000,,namely to enable stakeholders to make\Ninformed decisions in order to
Dialogue: 0,0:01:27.43,0:01:31.37,Default,,0000,0000,0000,,protect their interests, make\Ninvestment decisions, or hold
Dialogue: 0,0:01:31.40,0:01:33.39,Default,,0000,0000,0000,,companies publicly accountable.
Dialogue: 0,0:01:33.56,0:01:36.84,Default,,0000,0000,0000,,The CSRD seeks to address these shortfalls;
Dialogue: 0,0:01:36.96,0:01:42.41,Default,,0000,0000,0000,,and it seeks to do so by extending the scope\Nof undertakings subject to reporting
Dialogue: 0,0:01:42.45,0:01:47.25,Default,,0000,0000,0000,,requirements, widening the types of\Nsustainability topics required to be
Dialogue: 0,0:01:47.31,0:01:52.15,Default,,0000,0000,0000,,reported on, harmonizing the \Nsustainability reporting requirements,
Dialogue: 0,0:01:52.23,0:01:55.30,Default,,0000,0000,0000,,and providing an assurance framework.
Dialogue: 0,0:01:56.10,0:02:01.82,Default,,0000,0000,0000,,The CSRD will drastically change the\Nsustainability reporting landscape in the EU.
Dialogue: 0,0:02:02.40,0:02:08.08,Default,,0000,0000,0000,,Organisations of all shapes and sizes need\Nto take action to prepare for this impact.
Dialogue: 0,0:02:08.91,0:02:12.82,Default,,0000,0000,0000,,At Mason Hayes and Curran, we're already\Nworking with many of our clients to assist
Dialogue: 0,0:02:12.88,0:02:16.63,Default,,0000,0000,0000,,them in developing a roadmap towards \Nsustainability reporting.
Dialogue: 0,0:02:16.93,0:02:21.36,Default,,0000,0000,0000,,The second topic that I'd like to \Nmove on to is the question of public
Dialogue: 0,0:02:21.39,0:02:23.47,Default,,0000,0000,0000,,access to company information.
Dialogue: 0,0:02:24.40,0:02:28.45,Default,,0000,0000,0000,,And this topic arises in the context\Nof a recent Judgment of
Dialogue: 0,0:02:28.49,0:02:33.13,Default,,0000,0000,0000,,the European Court of Justice that\Nhas made it harder to get information
Dialogue: 0,0:02:33.20,0:02:35.03,Default,,0000,0000,0000,,about the ownership of companies.
Dialogue: 0,0:02:36.40,0:02:42.76,Default,,0000,0000,0000,,The ECJ has ruled that the unfettered right\Nof public access to the personal information
Dialogue: 0,0:02:42.80,0:02:48.47,Default,,0000,0000,0000,,of individuals who ultimately own or control\Ncompanies incorporated in EU member states
Dialogue: 0,0:02:48.47,0:02:52.62,Default,,0000,0000,0000,,is incompatible with the European Charter\Nof Fundamental Rights.
Dialogue: 0,0:02:52.62,0:02:58.15,Default,,0000,0000,0000,,Irish law, which transposes EU anti-money\Nlaundering measures, gives the public an
Dialogue: 0,0:02:58.21,0:03:03.70,Default,,0000,0000,0000,,unqualified right to access the name, month\Nand year of birth, and country of residence
Dialogue: 0,0:03:03.77,0:03:09.43,Default,,0000,0000,0000,,of the individuals who own and control\NIrish companies on the payment of a fee.
Dialogue: 0,0:03:09.80,0:03:14.70,Default,,0000,0000,0000,,The only exception made is for minors,\Nwhere the applicant for information must
Dialogue: 0,0:03:14.73,0:03:17.51,Default,,0000,0000,0000,,show why their request is in the public interest.
Dialogue: 0,0:03:18.60,0:03:24.96,Default,,0000,0000,0000,,The right of access to this information, without\Nhaving to explain or show why the information
Dialogue: 0,0:03:25.04,0:03:29.34,Default,,0000,0000,0000,,is requested has now been\Nruled by the ECJ to be invalid.
Dialogue: 0,0:03:30.10,0:03:33.40,Default,,0000,0000,0000,,Now, the judgment does recognize\Nthat there are good reasons for
Dialogue: 0,0:03:33.40,0:03:37.06,Default,,0000,0000,0000,,information on beneficial ownership\Nof companies to be collected.
Dialogue: 0,0:03:37.14,0:03:41.04,Default,,0000,0000,0000,,For example, the combating of money\Nlaundering and terrorist financing.
Dialogue: 0,0:03:41.80,0:03:46.05,Default,,0000,0000,0000,,However, the Court has also stated that\Nthis must be balanced against an
Dialogue: 0,0:03:46.09,0:03:50.60,Default,,0000,0000,0000,,individual's right to a private life, and\Nthe protection of personal data.
Dialogue: 0,0:03:51.30,0:03:57.42,Default,,0000,0000,0000,,The court has suggested that any person\Nwishing to access the data must
Dialogue: 0,0:03:57.50,0:04:00.28,Default,,0000,0000,0000,,actually demonstrate a legitimate interest.
Dialogue: 0,0:04:00.28,0:04:04.88,Default,,0000,0000,0000,,In the light of this judgment, a similar\Nprovision in Irish law, or the extension
Dialogue: 0,0:04:04.95,0:04:09.03,Default,,0000,0000,0000,,of the Legitimate Interest Test, which \Npresently applies to the beneficial
Dialogue: 0,0:04:09.06,0:04:11.23,Default,,0000,0000,0000,,ownership of trusts, looks likely.
Dialogue: 0,0:04:11.90,0:04:14.90,Default,,0000,0000,0000,,And we are watching the progress\Nof this matter with interest.
Dialogue: 0,0:04:14.90,0:04:19.51,Default,,0000,0000,0000,,Particularly because of the importance of\Nensuring a specific and broad definition
Dialogue: 0,0:04:19.51,0:04:24.00,Default,,0000,0000,0000,,of legitimate interest, so that those that\Nrequire access to this information for
Dialogue: 0,0:04:24.07,0:04:29.05,Default,,0000,0000,0000,,things like: exposing corporate conduct,\Nsanctions evasion, profiteering from
Dialogue: 0,0:04:29.10,0:04:33.33,Default,,0000,0000,0000,,state contracts, or conflicts of\Ninterest can continue to do so.
Dialogue: 0,0:04:34.10,0:04:39.11,Default,,0000,0000,0000,,As we always do, we will continue to keep\Neveryone updated as this topic progresses.