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14 October 2025

US Company Listed Update October 2025 - Company Law & Governance

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Arthur Cox

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Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley.
Ireland's new automatic enrolment retirement savings system (AERSS and known as My Future Fund) will take effect from 1 January 2026. It raises some specific considerations for directors...
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AUTO-ENROLMENT IN IRELAND - APPLICATION TO DIRECTORS

Ireland's new automatic enrolment retirement savings system (AERSS and known as My Future Fund) will take effect from 1 January 2026. It raises some specific considerations for directors of listed companies because their remuneration is publicly disclosed on an individual basis.

Directors May Be Caught by AERSS

Fees paid to executive and non-executive directors are "emoluments" in the Irish tax system and may bring those individuals within scope of AERSS. Issuers will need to assess the AERSS position of each director individually:

  • The latest guidance issued to payroll providers indicates that only individuals in certain PRSI classes are expected to be caught by AERSS. For example, non-executive directors are likely to fall within Class S, and this class is currently expected to be outside scope of AERSS.
  • For directors in other in-scope PRSI classes, AERSS will generally apply to individuals aged between 23 and 60 earning over €20,000 annually (from all sources/ engagements), where contributions for their benefit are not being paid through payroll to a qualifying pension scheme or personal retirement savings account (PRSA). This may capture, for example, an executive director who meets the age and income thresholds that is not currently contributing to a qualifying pension scheme because of having already reached the limit on the total value of tax relieved retirement benefits in Ireland.

Actions for Issuers to Take Now for In-Scope Directors

Issuers have options in how they prepare for AERSS and it may be possible to take steps to bring an individual director outside the scope of AERSS before 1 January 2026. However, as the initial assessment as to whether AERSS will apply to an individual from 1 January 2026 will be based on a pay period prior to 1 January 2026, typically November or December 2025, issuers need to take action now.

Future Remuneration Disclosures for Listed Issuers

Where contributions to AERSS are made in respect of directors these may be reflected as part of disclosures on directors' remuneration in future annual reports and AGM/proxy materials. Issuers should consider these implications carefully and are encouraged to contact us for further guidance.

For more information on AERSS generally, please see the recent webinar recording from our Pensions and Benefits Group: On Demand-Countdown To Compliance: Mastering Auto Enrolment Before It's Too Late.

BOARD GENDER BALANCE REGULATIONS

The European Union (Gender Balance on Boards of Certain Companies) Regulations 2025 transpose the EU Gender Balance on Boards Directive into Irish law, establishing new measures to address gender balance on the boards of large EU listed companies.

The Regulations do not apply to Irish incorporated companies with shares listed on a US market, where they do not have shares admitted to trading on an EU regulated market.

COMPANIES ACT 2014

The remaining provisions of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024, including those related to the form of declaration to be filed in connection with the Summary Approval Procedure under the Companies Act 2014, are expected to be commenced in the coming weeks.

PROPOSED EU COMPANY LAW FRAMEWORK

On 1 June 2025, the European Commission launched a public consultation on the proposed 28th regime, a voluntary legal framework that would allow companies to benefit from a single set of harmonised EU-wide rules, based on digital-by-default solutions. The consultation, which closed on 30 September 2025, seeks stakeholder views on matters ranging from directors' duties and shareholder rights to insolvency triggers and employee participation. Legislative proposals are expected in Q1 2026. Irish-incorporated companies are unlikely to see substantial additional benefits from the proposed new regime, since many of its intended advantages are already catered for under existing Irish law, which offers a high degree of autonomy in structuring governance, operations and corporate transactions.

This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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