Ryanair 2004 Annual Report Download - page 19

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Corporate Governance (continued)
Internal Control (continued)
The Board has delegated to executive management the
planning and implementation of the systems of internal
co n t rol within an established fra m ework which applies
throughout the group.
Going Concern
After making enquiries the directors consider that the group
has adequate reso u rces to continue operating for the
foreseeable future. For this reason , they continue to adopt
the going co n cern basis in preparing the fi n a n c i a l
statements.
Statement of Compliance
The directors have fully adopted the provisions of the
Combined Code.
Subsidiary Companies
Details of the principal subsidiary undertakings are disclosed
on page 62 of the financial statements.
Directors and their Interests
A list of the directors who held office in the period is set out
on page 74. One third (rounded up to the next whole number
if it is a fractional number) of the directors (being the
directors who have been longest in office) will retire by
rotation and be eligible for re-election at every Annual
General Meeting. The directors who held office at March 31,
2004 had no interests other than those outlined in note 23 in
the shares of the company or group companies.
Dividend Policy
Due to the capital intensive nature of the business and the
group’s projected growth, the directors do not intend to
recommend the payment of any dividend for the foreseeable
future.
Political Contributions
During the financial year ended March 31, 2004 the group
made no political contributions which require disclosure
under the Electoral Act, 1997.
Post Balance Sheet Events
There were nosignificantpost balance sheet events.
Format of Financial Statements
The financial statements have been prepared in accordance
with the reporting and presentation requirements of the
Companies (Amendment) Act, 1986. The directors consider
that the format adopted in these financial statements is the
most suitable for the group’s purposes.
Auditors
In accordance with Section 160(2) of the Companies Act 1963,
the auditors KPMG, Chartered Accountants, will continue in
office.
Annual General Meeting
The Annual General Meeting will be held on September 23,
2004 at 11am in the Holiday Inn Hotel, Dublin Airport, Co.
Dublin.
On behalf of the Board
D. Bonderman M. O’ Leary
Chairman Chief Executive
August 13, 2004
(Continued)
Directors’ Report 19
A N N U A L R E P O RT & F I N A N C I A L S T A T E M E N T S 2 0 0 4