Firm directors ‘swamped by red tape’

COMPANY directors are being swamped by over-regulation and red tape, according to the head of the country’s third largest bank.

Ulster Bank chief executive Cormac McCarthy said the obligations on company directors, particularly in small firms, have become onerous and many people will be turned off by the offer of a non-executive directorship because of them.

He said he was concerned about changes to the Companies Act, which would mean that directors would have sign off on their accounts saying they are compliant with all aspects of the law.