Ryanair 2011 Annual Report Download - page 127

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125
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING
The Company’s management is responsible for establishing and maintaining adequate internal control
over financial reporting, (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). The Company’s
internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.
The Company’s internal control over financial reporting includes those policies and procedures that:
• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Company;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Company’s assets that could have a material effect on the
financial statements.
The Company’s management evaluated the effectiveness of the Company’s internal control over
financial reporting as of March 31, 2011, based on the criteria established in “Internal Control — Integrated
Framework,” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
Based on the evaluation, management has concluded that the Company maintained effective internal control
over financial reporting as of March 31, 2011.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There has been no change in the Company’s internal control over financial reporting during the 2011
fiscal year that has materially affected, or is reasonably likely to materially affect, the Company’s internal
control over financial reporting.
Item 16. Reserved
Item 16A. Audit Committee Financial Expert
The Company’s Board of Directors has determined that Declan McKeon qualifies as an “audit
committee financial expert” within the meaning of this Item 16A. Mr. McKeon is “independent” for purposes of
the listing rules of NASDAQ.
Item 16B. Code of Ethics
The Company has adopted a broad Code of Business Conduct and Ethics that meets the requirements
for a “code of ethics” as defined in Item 16B of Form 20-F. The Code of Business Conduct and Ethics applies to
the Company’s chief executive officer, chief financial officer, chief accounting officer, controller and persons
performing similar functions, as well as to all of the Company’s other officers, directors and employees. The
Code of Business Conduct and Ethics is available on Ryanair’s website at http://www.ryanair.com. (Information
appearing on the website is not incorporated by reference into this annual report.) The Company has not made
any amendment to, or granted any waiver from, the provisions of this Code of Business Conduct and Ethics that
apply to its chief executive officer, chief financial officer, chief accounting officer, controller or persons
performing similar functions during its most recently completed fiscal year.