Ryanair 2005 Annual Report Download - page 29

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Code of Business Conduct
Ryanair’s standards of integrity and ethical values have been
established and are documented in Ryanairs code of Business
conduct. This code is applicable to all Ryanair employees.
There are established channels for reporting code violations
or oher concerns in a confidential manner. The internal
auditor investigates any instances and reports findings
directly to the Audit committee.
Going Concern
After making enquiries the directors consider that the group
has adequate resources to continue operating for the
foreseeable future. For this reason , they continue to adopt
the going concern basis in preparing the financial statements.
Statement of Compliance
The Irish Stock exchange and UK Listing Authority require
listed companies to disclose, in relation to section 1 of the
2003 Combined code, how they have applied it’s provisions
throughout the year. The Company had fully complied with
the provisions set out in Section 1 of the 2003 Combined code
throughout the year.
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,
2005 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, 2005 the group
made no political contributions which require disclosure
under the Electoral Act, 1997.
Post Balance Sheet Events
There were no significant post 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 22,
2005 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 22, 2005
(Continued)
Directors’ Report 19
ANNUAL REPORT & FINANCIAL STATEMENTS 2005