EirGrid plc Annual Report 2011

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EirGrid plc Annual Report & Accounts 2011 Dividends The Directors of the Group do not currently propose the payment of a dividend. Directors’ and Secretary’s Interest in Shares The Directors and Secretary who held office at 30 September 2011 and 1 October 2010 had no beneficial interest in the shares of the Group. On 6 July 2011, the shares of the Group held by the Minister of Finance, were transferred to the new Minister for Public Expenditure and Reform, pursuant to the Minsters and Secretaries Act, 2011. Following the transfer, one ordinary share of the Company is held by the Minister for Communications, Energy and Natural Resources and the remainder of the issued share capital is held by the Minister for Public Expenditure and Reform, or on his behalf. Bernie Gray, Dermot Byrne and Niamh Cahill hold one share each in the share capital of the Company on behalf of the Minister for Public Expenditure and Reform. Political Donations The Group does not make political donations. Going Concern The Financial Statements are prepared on a goingconcern basis as the Board, after making appropriate enquiries, is satisfied that the Group has adequate resources to continue in operation for the foreseeable future. Accounting Records The measures that the Directors have taken to ensure compliance with Section 202 of the Companies Act, 1990 are the employment of appropriately qualified accounting personnel and the use of suitable accounting systems and procedures. The books of account are kept at The Oval, 160 Shelbourne Road, Ballsbridge, Dublin 4. Auditors The auditor s, Deloitte & Touche, Chartered Accountants, have indicated their willingness to continue in office in accordance with Section 160(2) of the Companies Act, 1963. Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual Report and the Financial Statements. The Directors have elected to prepare Financial Statements for the Group in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Irish company law requires the Directors to prepare such Financial Statements in accordance with IFRSs and the Companies Acts, 1963 to 2009. International Accounting Standard 1 requires that Financial Statements present fairly for each financial year the Group’s financial position, financial performance and cash flows. This requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board’s ‘Framework for the Preparation and Presentation of Financial Statements’. In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable IFRSs. Directors are also required to: • Select suitable accounting policies and apply them consistently; • Make judgements and estimates that are reasonable and prudent; 60
EirGrid plc Annual Report & Accounts 2011 • Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; • Provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s financial position and financial performance; • State that the Financial Statements comply with IFRSs as adopted by the European Union; and • Prepare the Financial Statements on the going concern basis, unless it is inappropriate to presume that the Group will continue in business, in which case there should be supporting assumptions or qualifications as necessary. The Directors are responsible for the maintenance and integrity of the Group’s website. Legislation in Ireland governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions. On behalf of the Board: Bernie Gray CHAIRPERSON Dermot Byrne CHIEF EXECUTIVE 21 December 2011 The Directors confirm that they have complied with the above requirements in preparing the Financial Statements. The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Group, for safeguarding the assets, for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the preparation of a Directors’ Report which complies with the requirements of the Companies Acts, 1963 to 2009. 61
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EirGrid plc Annual Report 2011

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