Michael Carey Resigns as Chairman of Enterprise Ireland Amid Filing Issues

Michael Carey has stepped down as chairman of Enterprise Ireland, a decision he attributed to administrative challenges faced by his company, East Coast Bakehouse. In a message to the board, Carey expressed his desire to remain in the role but indicated he had no choice but to resign, citing the failure to file financial accounts on time as a significant concern.

The resignation, which took effect in June 2023, followed the revelation that East Coast Bakehouse had not submitted its accounts, a situation which Carey noted could lead to “potential embarrassment” for Minister Peter Burke. The Minister holds responsibility for the Companies Registration Office, and Carey acknowledged that while late filings affect approximately 15,000 businesses annually, his prominent position heightened the scrutiny on his company.

In his communication to the board, Carey explained that the delay stemmed from “some management/administrative errors” and was compounded by the need for a change in auditors. He emphasized that there were no indications of any financial misconduct, framing the issue as strictly administrative and reflective of a failure to meet corporate governance obligations.

Records from Enterprise Ireland indicate that Carey’s resignation was communicated to the board prior to the public announcement. Kevin Sherry, the interim chief executive of Enterprise Ireland, sought to ensure the board was informed about the situation, asking Carey to notify them once a formal statement was prepared. Carey promptly confirmed that he had communicated with the Minister and was ready to issue the statement.

In a note to the staff, Sherry praised Carey’s dedication, stating, “Michael gave huge time and commitment to Enterprise Ireland and was dedicated to supporting Irish exporting businesses at all stages of their development.” He added that Carey’s focus on clients and their needs was a significant aspect of his leadership.

Despite initial reluctance, Enterprise Ireland later provided records related to Carey’s departure following an appeal under Freedom of Information laws. When asked about these documents, the agency maintained that it had nothing further to add beyond its public statement made in June.

As Enterprise Ireland moves forward, Carey’s resignation serves as a reminder of the challenges faced by organizations in maintaining compliance with regulatory requirements, particularly in the context of leadership roles.