Annual_Report2014

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83 Appendices Activity Planned output 2014 Actual Output & Commentary Utilise the website as a key communication channel with users of financial reports and consumers of accounting and auditing services. • Carry out a complete redesign of the existing site in conjunction with professional web designers and PR advisors to maximise to potential of the website as a communication tool. • Website redesign completed.
<strong>Annual</strong> Report 2014 Irish Auditing & Accounting Supervisory Authority 84 APPENDIX 4 Commentary on certain aspects of the UK code and Irish annex Provision(s) of the UK Code Executive directors’ remuneration / Remuneration Committee / Performance related remuneration/ bonuses. Non-executive director remuneration Election / Appointment of Directors/ Board size & structure / Nomination Committee / Directors’ skills and expertise / Board renewal Directors’ terms of office / re-election Appointment of a Deputy Chairperson and / or Senior Independent Director Chairperson / Board interaction with shareholders Appointment and reappointment of the statutory auditor Non-executive directors meeting in absence of Chairperson to appraise Chairperson’s performance Explanation By virtue of being a matter for the Ministers for Jobs, Enterprise & Innovation and Public Expenditure & Reform respectively, executive directors’ remuneration is outside the control of the Board. IAASA is not permitted to operate performance related remuneration schemes or award bonuses. The Minister for Public Expenditure & Reform sets the level of remuneration for non-executive directors. The Board size, structure and appointments process is prescribed under the Act and is therefore outside the control of the Board. Directors, with the exception of the Chief Executive and direct Ministerial appointees, are appointed by the Minister upon the nomination of statutorily prescribed nominating bodies. The appointment of the Chief Executive is made by the Board, subject to terms and conditions approved by the Minister with the consent of the Minister for Public Expenditure & Reform. The Minister decides the terms of office of the non-executive Directors. The term is set out in the Act to be not less than three or more than five years. Pursuant to the Act, there is no restriction on reappointment. To date, IAASA has determined that it is not appropriate to appoint a Senior Independent Director or a Deputy Chairperson. The matter is reconsidered by the Board periodically. As a company limited by guarantee, IAASA does not have shareholders. The Act provides that IAASA’s auditor shall be the C&AG. Accordingly, this is a matter that is outside the Board’s control. As a regulatory agency established by statute, in circumstances where the appointment of the Chairperson is at the sole discretion of the Minister, an appraisal of the Chairperson’s performance would not be appropriate.
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Annual REPORT 2014
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Annual Report 2014 Irish Auditing &
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Chapter 1 Overview of 2014
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Chapter 2 Examination of issuers’
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Chapter 3 Supervision of the accoun
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Chapter 4 Governance and structure
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Page 47 and 48: 2014 Financia l & Related Statement
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Annual_Report2014

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