Director Disclosures of Shares
Directors in Ireland must disclose certain interests in shares or debentures within the company and its subsidiaries or holding company. These rules extend to interests held by connected parties, such as family members, and cover options, rights, and contracts related to shares. Directors must inform the company of any relevant interests upon acquiring or ceasing them.
Notifications should include details on contracts to buy or sell shares or debentures, exercised options, and indirect interests. This disclosure duty applies to shadow and de facto directors as well. Non-compliance, without reasonable excuse, may lead to penalties.
Holdings below a 1% threshold, including shares held by a director’s immediate family, are typically exempt from disclosure requirements. Companies must maintain a register of directors’ interests, accessible to members and, for a fee, the public. Failure to maintain or disclose this information may lead to legal consequences, including restricted enforcement rights on the shares until rectified.
Directors with share-related interests, such as options, must declare them within eight days. The register must remain available at general meetings and updated regularly. The High Court can grant relief if non-compliance is deemed accidental, but deliberate omissions may lead to sanctions.