Ryanair 2012 Annual Report Download - page 26
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26
Compliance Statement
Ryanair has complied, throughout the year ended March 31, 2012, with the provisions set out in the UK
Corporate Governance Code and the requirements set out in the Irish Corporate Governance Annex except as
outlined below. The Group has not complied with the following provisions of the 2010 Code, but continues to
review these situations on an ongoing basis:
Non-executive directors participate in the Company‘s share option plans. The 2010 Code requires that, if
exceptionally, share options are granted to non-executive directors that shareholder approval should be sought
in advance and any shares acquired by exercise of the options should be held until at least one year after the
non-executive director leaves the board. In accordance with the 2010 Code, the Company sought and received
shareholder approval to make certain stock option grants to its non-executive directors and as described above,
the Board believes the quantum of options granted to non-executive directors is not so significant to impair
their independence.
Certain non-executive directors, namely Mr. David Bonderman, Mr. James Osborne, Mr. Kyran McLaughlin,
Mr. Michael Horgan, Mr. Klaus Kirchberger and Mr. Paolo Pietrogrande, have each served more than nine
years on the Board without being offered for annual re-election. As described further above, given the other
significant commercial and professional commitments of these non-executive directors, and taking into
account that their independence is considered annually by the Board, the Board does not consider their
independence to be impaired in this regard.
On behalf of the Board
Mr. David Bonderman Mr. Michael O‟ Leary
Chairman Chief Executive
July 27, 2012