Company Management in Ireland
Company Management in IrelandUpdated on Tuesday 24th January 2023
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The management of a company has a great influence on the overall business activity, as the persons involved in the top management are the ones giving the outline a company should follow. The management structure is comprised of top management individuals, down to the management of the personnel. The purpose of company management is to avoid risks related to the operations of the company and to implement strategic measures that will boost the company’s profits; our lawyers in Ireland can provide you with further information on the key aspects of the management in a company.
Hierarchical structure of management in Ireland
Foreign investors interested in setting up a company in Ireland should know that the Irish company management is defined by a hierarchical structure. The hierarchical structure is very efficient in large companies, in which hundreds of people are employed. The top management has the highest authority in the company, and managers in such positions can enforce various measures related to many aspects of the business.
The company management delivers business strategies that must be followed by the subordinates; top managers can issue long term or short term strategies, which will be implemented by the employees in the company; you may request more information the company management from our Irish law firm.
Directors of a company in Ireland
The directors of an Irish company are required to act in the best interest of the company. According to the stipulations of the Companies Act 2014, enforced from 1st of June 2015, any company in Ireland should have at least 2 directors, except for the businesses incorporated as a private company limited by shares, which allows appointing only one director.
The fiduciary responsibilities of an Irish director, under the provisions of the Companies Act, are the following:
• act in good faith in the benefit of the company;
• act responsibly related to the company’s activities;
• exercise the director’s powers, as provided by the company’s constitution;
• do not use company’s information and property for his own benefit.
The responsibilities of an Irish director are stated in the Companies Act and in the internal documents of the company.
Successful company management is possible when the stakeholders have access to updated, correct and diligent financial information. Our accountants in Ireland offer complete bookkeeping and annual reporting services, and are also able to provide, upon request, specialized financial reports or analyses throughout the financial year. You can rely on us for complete accounting solutions.
If you need further information on the company management in Ireland, please contact our team of Irish lawyers.