Ryanair 2008 Annual Report Download - page 25

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25
The number of Board and Committee meetings held and attended during the year was as follows:
Board Audit Remuneration Air Safety
David Bonderman 7/7 - - -
Michael O’Leary 7/7 - - -
Michael Horgan 7/7 - - 4/4
Kyran McLaughlin 6/7 6/6 - -
James R. Osborne 7/7 6/6 2/2 -
Paolo Pietrogrande 6/7 - 2/2 -
Emmanuel Faber 1/7 1/6 - -
Klaus Kirchberger 5/7 - 0/2 -
There were no Executive or Nomination Committee meetings held during the year.
Accountability and audit
The directors have set out their responsibility for the preparation of the financial statements on
page 36. They have also considered the going concern position of the Group and their conclusion is set
out on page 27. The Board has established an Audit Committee whose principal tasks are to consider
financial reporting and internal control issues. The Audit Committee, which consists exclusively of
independent non-executive directors, meets at least quarterly to review the financial statements of the
Group, to consider internal control procedures and to liaise with internal and external auditors. In the
year ended March 31, 2008 the Audit Committee met on 6 occasions. On a semi annual basis the audit
Committee receives an extensive report from the internal auditor detailing the reviews performed in the
year, and a risk assessment of the Group. This report is used by the Audit Committee and the Board, as
a basis for determining the effectiveness of internal control. The Audit Committee regularly considers
the performance of internal audit and how best financial reporting and internal control principles should
be applied.
In addition, the Audit Committee has responsibility for appointing, setting compensation and
overseeing the work of the independent auditor. The Audit Committee pre-approves all audit and
permissible non-audit services provided by the independent auditor.