Annual Reports - RTÃ

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RADIO TELEFÍS ÉIREANN Corporate Governance (continued) Internal control The Authority has overall responsibility for the Group’s systems of internal control and for reviewing their effectiveness. These systems are designed to provide reasonable but not absolute assurance against material misstatement or loss. The Authority confirms that an ongoing process for identifying, evaluating and managing RTÉ’s significant risks has operated throughout the year and up to the date of approval of the financial statements. The key components of the system of internal control currently in place are: • A clearly defined organisation structure, with formally defined authority limits and reporting mechanisms to higher levels of management and to the Authority; • Established procedures to identify, control and report on key risks; • Comprehensive budgeting systems, with annual financial budgets approved by the Authority; • Timely monthly reporting, with actual results reported against budget and considered by the Authority on a monthly basis; and • Comprehensive policies and procedures relating to operational and financial controls, including capital expenditure. Large capital projects require the approval of the Authority. These controls are reviewed systematically by internal audit, on a risk based approach. The Authority confirms that, through the Audit Committee, it has conducted a review of the effectiveness of the system of internal control up to and including the date of approval of the financial statements and reported thereon to the Authority. The process adopted by the Authority to undertake the review of the effectiveness of the system of internal controls included: • Consideration of the authority, resources and co-ordination of those involved in the identification, assessment and management of significant risks faced by RTÉ; • Review and consideration of the output of the risk assessment and management process; • Monitoring of risk reports from management; • Review of the programme of internal audit and consideration of major findings; and • Review of the report of the external auditors, who, as part of their normal procedures, test aspects of the systems of internal control and report any significant weaknesses to the Audit Committee. Going concern After making enquiries, the members of the Authority have a reasonable expectation that RTÉ has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Emoluments of Authority members 1 2007 2006 €’000 €’000 Mary Finan 35 30 Emer Finnan 18 17 Maria Killian 18 17 Patricia King 18 17 Ian Malcolm 2 18 17 Paddy Marron 18 17 Úna Ní Chonaire 2 18 17 Joe O’Brien 3 18 17 Stephen O’Byrnes 2 18 17 Payments to a former Authority member 4 - 2 179 168 Emoluments of Director-General 2007 2006 €’000 €’000 Cathal Goan - Basic salary 283 268 - Performance related pay 108 44 - Pension contributions 23 22 - Other benefits 27 26 441 360 Performance related pay in 2007 above was in respect of 2006 performance, in addition to payment under the 2004 – 2006 Long Term Performance Scheme. Pension benefits earned during the year and total accrued pension at 31 December 2007 were as follows: €’000 Increase in accrued pension during 2007 1 4 Transfer value of increase 2 68 Total accrued pension at year end 3 132 1 The increase in accrued pension during the year excludes inflation. 2 The transfer value of the increase in accrued pension has been calculated on the basis of actuarial advice. This transfer value does not represent sums paid or due, but is the amount that the pension scheme would transfer to another pension scheme in relation to the benefits accrued in 2007 in the event of the member leaving service. 3 Accrued pension shown is that which would be paid annually on normal retirement date, based on service to the end of the year. 1 All members of the Authority are non-executive. 2 In addition to their Authority fees, Stephen O’Byrnes, Úna Ní Chonaire and Ian Malcolm received immaterial amounts for contributions to RTÉ programmes. 3 In addition to his Authority fees, Joe O’Brien was paid as an employee of RTÉ. 4 Fintan Drury resigned as Chairman with effect from 19 January 2006. RTÉ complied with the guidelines covering the payment of fees to the Chairpersons and Directors of State Bodies, issued by the Minister for Finance in July 1992. 36
ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2007 Authority Members’ Report The members of the RTÉ Authority present their report together with the audited Group financial statements for the year ended 31 December 2007. Principal activities RTÉ is Ireland’s Public Service Broadcaster offering free-to-air television and radio services to its audience. RTÉ also publishes the RTÉ Guide, operates a teletext service and provides an extensive range of free web-based Online services. Through its wholly owned subsidiary, RTÉ Transmission Network Limited, RTÉ provides analogue network transmission and tower facilities to broadcasters and other users. In addition RTÉ, operates the RTÉ National Symphony Orchestra and the RTÉ Concert Orchestra together with other performing groups. Business review Detailed reviews of the performance during 2007 are set out in the Operational review on pages 8 to 25 and in the Financial review on pages 26 to 29. These reviews encompass the principal risks and uncertainties faced by the Group and an analysis of its key performance indicators, financial and non-financial. RTÉ’s performance in meeting its annual commitments to its viewers and listeners, as set out in its Statement of Commitments 2007, are reviewed on pages 82 to 90. Members of the Authority The 15th Authority was appointed with effect from 21 June 2005. The names of the persons who served as members of the Authority during the year ended 31 December 2007 are set out on pages 30 and 31. Corporate governance RTÉ’s corporate governance arrangements are set out in the annual report as follows: • Corporate governance pages 34 to 36 • Authority members’ profiles pages 30 to 31 • Statement of Authority members’ responsibilities page 38 Books and records The RTÉ Authority members are responsible for ensuring that proper books and accounting records are maintained. The measures taken in this regard include the use of appropriate systems and procedures, the employment of professionally qualified accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The Group’s books of account are kept at Donnybrook, Dublin 4. Payment of accounts The members of the Authority acknowledge their responsibility for ensuring compliance in all material respects with the provisions of the European Communities (Late Payment in Commercial Transactions) Regulations 2002 (“the Regulations”). Procedures have been implemented to identify the dates upon which invoices fall due for payment and to ensure that payments are made by such dates. Such procedures provide reasonable assurance against material non-compliance with the Regulations. The payment policy during the year under review was to comply with the requirements of the Regulations. Group companies Information relating to subsidiary and associated undertakings is included in note 10 to the financial statements. Auditors KPMG, Chartered Accountants, continue in office in accordance with Section 160 (2) of the Companies Act, 1963. Political donations With reference to the Electoral Act, 1997, RTÉ does not make any political donations. On behalf of the Authority Mary Finan Chairman 13 March 2008 Paddy Marron Authority Member and Chairman of the Audit Committee Cathal Goan Director-General 37
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Annual Reports - RTÃ