Bring Dreams to Life Fíoraítear Aislingí - National Lottery

Report of the DirectorsTuarascáil na StiúrthóiríDirectors’ remunerationThe remuneration of the Chief Executive is subject to theapproval of the Remuneration Committee of the Company.The objective is to maintain the remuneration of the ChiefExecutive at a level which is attractive to the individualwhile, at the same time, representing value for money for theCompany. A proportion of the Chief Executive’s remunerationis performance related and, in this way, is linked to theCompany and individual objectives.Fees for Directors are determined by the Minister for Finance.No Director has a service contract with the Company.During the year, the Remuneration Committee comprised DonalConnell, Niamh McGowan and Micheál Ó’Muircheartaigh. DonalConnell acts as Chairman of the Committee. When necessary,non-Committee members are invited to attend. The Committee’sprincipal responsibilities are:• to determine, on behalf of the Board, the remuneration andother terms and conditions of employment of the ChiefExecutive;• to determine, on behalf of the Board, the pay structures andterms and conditions of other senior personnel (as identifiedby the Chairman of the Board);• to act, on behalf of the Board, and take all decisions relatedto pay and pay related matters, as the Chairman of the Boardshall determine; and• to consider any other matters considered by the Committeeto be relevant to the foregoing.The disclosures made in these financial statements relatingto Directors’ emoluments and pension information are thoserequired under the Irish Companies Acts, 1963 to 2006.The Audit CommitteeDuring the year, the Audit Committee comprised James Hyland,Niamh McGowan and Micheál Ó’Muircheartaigh. James Hylandacts as Chairman of the Committee. All the members of theCommittee are independent non-executive Directors.Members of the Committee bring to it a wide range of experiencefrom senior positions in business, including that of managingpartner of an accounting practice.Under its terms of reference, the Audit Committee monitors theintegrity of the Company’s financial statements. The Committeeis responsible for monitoring the effectiveness of the externalaudit process and making recommendations to the Board inrelation to the appointment, re-appointment and remunerationof the external auditors. It is responsible for ensuring that anappropriate relationship between the Company and the externalauditors is maintained, including reviewing non-audit servicesand fees. As a result of regulatory or similar requirements, it isnecessary to employ the Company’s external auditors for certainaudit related and non-audit services. In order to maintain theindependence of the external auditors, the Committee hasdetermined policies as to what audit related and non-auditservices can be provided by the Company’s external auditorsand the approval process related to these services. In particular,the Board considers it appropriate that independent observerand draw related services, which are the principal constituent ofaudit related fees paid, be performed by the external auditors.Under these policies, work of a consultancy nature will not beoffered to the external auditors unless there are clear efficienciesand value added benefits to the Company while ensuring thatthe objectivity and independence of the external auditors ismaintained. The Committee monitors the level of fees paid to theexternal auditors.Luach Saothair na StiúrthóiríNí mór do Choiste Luach Saothair an Chomhlachta luach saothair anPhríomhfheidhmeannaigh a fhaomhadh. Tá sé mar chuspóir luachsaothair an Phríomhfheidhmeannaigh a choinneáil ar leibhéal abheadh mealltach dó agus, ag an am céanna, a thabharfadh luachmaith airgid don Chomhlacht. Íoctar sciar de luach saothair anPhríomhfheidhmeannaigh de réir feidhmíochta agus, ar an dóighseo, tá baint aige le cuspóirí an Chomhlachta agus leis an duineaonair.Is é an tAire Airgeadais a shocraíonn táillí na Stiúrthóirí.Níl conradh seirbhíse ag aon Stiúrthóir leis an gComhlacht.Le linn na bliana b’iad Donal Connell, Niamh McGowan agus MicheálÓ Muircheartaigh comhaltaí an Choiste Luach Saothair. FeidhmíonnDonal Connell mar Chathaoirleach ar an gCoiste. Nuair ba ghátugadh cuireadh do chomhaltaí nár bhaill den Choiste iad freastal archruinnithe. Seo a leanas príomh-fhreagrachtaí an Choiste:• socruithe a dhéanamh, thar ceann an Bhoird, faoi luachsaothair agus téarmaí is coinníollacha eile fostaíochta anPhríomhfheidhmeannaigh;• an struchtúr tuarastail is téarmaí oibre agus coinníollachafostaíochta chomhaltaí sinsearacha eile foirne (mar a aithníonnCathaoirleach an Bhoird iad) a shocrú;• gníomhú thar ceann an Bhoird, agus na cinntí uile a ghlacadhfaoi thuarastal agus faoi nithe gaolmhara, de réir mar achinneann Cathaoirleach an Bhoird; agus• meastóireacht a dhéanamh ar nithe eile a shíleann an Coiste abheith ábhartha do na gnóthaí thuasluaite.Is éard atá san fhaisnéisiú atá déanta sna ráitis airgeadais seo abhaineann le luach saothair nó le heolas pinsin na Stiúrthóirí ná anfaisnéisiú a éilítear faoi Actanna na gCuideachtaí 1963 go 2006 inÉirinn.An Coiste IniúchóireachtaLe linn na bliana b’iad James Hyland, Niamh McGowan agus MicheálÓ Muircheartaigh comhaltaí an Choiste Iniúchóireachta. JamesHyland a fheidhmíonn mar Chathaoirleach ar an gCoiste. Stiúrthóiríneamh-fheidhmiúcháin neamhspleácha iad comhaltaí uile anchoiste.Tá taithí leathan ag comhaltaí an choiste de bharr poistthábhachtacha sa saol gnó a bheith acu, ar a n-áirítear bheith inachomhpháirtí bainistíochta i gcleachtas cuntasaíochta.Faoina théarmaí tagartha, déanann an Coiste Iniúchóireachtafaireachán ar ionracas ráitis airgeadais an Chomhlachta. Tá anCoiste freagrach as faireachán a dhéanamh ar éifeachtúlachtphróiseas an iniúchta seachtraigh agus as moltaí a chur faoibhráid an Bhoird maidir le ceapadh, athcheapadh agus luachsaothair na n-iniúchóirí seachtracha. Tá sé freagrach chomhmaith as deimhin a dhéanamh de go gcoimeádtar gaol cuí idir anComhlacht agus na hiniúchóirí seachtracha agus athbhreithniúar sheirbhísí is ar tháillí neamh-iniúchóireachta san áireamh.De bharr riachtanais rialacháin nó cinn dá shórt, is gá iniúchóiríseachtracha an Chomhlachta a fhostú le haghaidh seirbhísí áirithea bhaineann leis an iniúchadh agus cinn neamh-iniúchóireachta.Chun go gcaomhnófaí neamhspleáchas na n-iniúchóirí seachtracha,rianaigh an Coiste Inúchóireachta polasaithe faoi na seirbhísí, idirsheirbhísí a bhaineann leis an iniúchadh agus sheirbhísí neamhiniúchóireachta,a fhéadfadh iniúchóirí seachtracha an Chomhlachtaa sholáthar agus faoin bpróiseas chun na seirbhísí seo a fhaomhadh.Measann an Bord, ach go háirithe, go bhfuil sé cuí gurb iad nahiniúchóirí seachtracha a sholáthródh seirbhísí mar bhreathnadóirneamhspleách agus seirbhísí a bhaineann leis an gcrannchur. Deréir na bpolasaithe seo, ní dhéantar obair chomhairleoireachtaa thairiscint do na hiniúchóirí seachtracha mura bhfuil buntáistísoiléire éifeachtachta agus breisluacha le fáil ag an gComhlachtagus oibiachtúlacht is neamhspleáchas na n-iniúchóirí seachtrachaa bheith slán i gcónaí. Déanann an Coiste faireachán ar leibhéal nadtáillí a íoctar leis na hiniúchóirí seachtracha.32National Lottery Annual Report 2008