Ryanair 2016 Annual Report Download - page 11

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Accountability and audit
The directors have set out their responsibility for the preparation of the financial statements on page 37 to 38. They
have also considered the going concern position of the Company 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 Company, to consider internal control procedures and to liaise with internal and
external auditors. In the year ended March 31, 2016 the Audit Committee met on five occasions. On a quarterly basis the
Audit Committee receives an extensive report from the Head of Internal Audit detailing the reviews performed in the
year, and a risk assessment of the Company. This report is used by the Audit Committee and the Board of Directors, 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.
Social, environmental and ethical report
See pages 113 to 114 of the Annual Report for details of employee and labour relations.
See pages 88 to 90 of the Annual Report for details on environmental matters.
See page 141 of the Annual Report for details of Ryanair’s Code of Ethics.
Air safety
Commitment to air safety is a priority of the Company. See page 79 of the Annual Report for details.
Critical accounting policies
Details of the Company’s critical accounting policies are set forth on pages 93 to 94 of the Annual Report.
Subsidiary companies
Details of the principal subsidiary undertakings are disclosed in Note 27 on page 197 of the consolidated financial
statements.
Political contributions
During the financial years ended March 31, 2016, 2015 and 2014 the Company made no political contributions
which require disclosure under the Electoral Act, 1997.
Corporate Governance Statement
The Corporate Governance Statement on pages 13 to 27 forms part of the Directors’ Report.
Post balance sheet events
Details of significant post balance sheet events are set forth in Note 26 on page 196 of the consolidated financial
statements.
Following the June 23, 2016 referendum vote by the U.K. to leave the E.U., the Company announced that it had
increased the size of its buy-back program to the 5% buy-back limit approved by the shareholders at the Company’s 2015
Annual General Meeting (approximately €886 million).
From April 1, 2016 to July 1, 2016 the Company bought back 36.0 million shares at a total cost of approximately
€467.5 million under its €886 million share buy-back program. All ordinary shares repurchased were cancelled.