Ryanair 2010 Annual Report Download - page 25

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23
On behalf of the Board, the Audit Committee has reviewed the effectiveness of the Company’s system of
internal control for the year ended March 31, 2010 and has reported thereon to the Board.
The Board has delegated to executive management the planning and implementation of the systems of
internal control within an established framework which applies throughout the Company.
Takeover Bids Directive
Information regarding rights and obligations attached to shares are set forth in Note 15 on pages 171 to 173
of the consolidated financial statements.
Shares in the Ryanair employee share schemes carry no control rights and shares are only issued (and gain
voting rights) when options are exercised by employees.
Ryanair’s Articles of Association do not contain any restrictions on voting rights. However, there are
provisions in the Articles which allow the directors to (amongst other things) suspend the voting rights of a
share if the Board believes the number of non-qualifying nationals holding shares in Ryanair would put it in
breach of the Air Navigation Acts and licences and permits which allow it to operate. This is not an absolute
restriction and can only occur if the Board designates a number of shares to be so restricted.
Ryanair has not received any notifications from shareholders (as shareholders are obliged to do) regarding
any agreements between shareholders which might result in restrictions on the transfer of shares.
Details of the rules concerning the removal and appointment of the directors are set out above as part of
this Directors’ Report. There are no specific rules regarding the amendment of the Company’s Articles of
Association.
Details of the Company’s share buy-back programme are set forth on page 111 of the Annual Report. The
shareholders approved the power of the Company to buy back shares at the 2006 AGM.
None of the significant agreements to which the Company is party to, contain change of control provisions.
As referred to above in this Director’s Report, Mr. O’Leary’s employment agreement does not contain
provisions providing for compensation on his termination.