Financial Statements
The Directors are responsible for preparing the Annual Report and the
financial statements in accordance with applicable Irish law and Generally
Accepted Accounting Practice in Ireland including the accounting standards
issued by the Accounting Standards Board and published by the Institute
of Chartered Accountants in Ireland.
Irish company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
| • | select suitable accounting policies and then apply them consistently; |
| • | make judgements and estimates that are reasonable and prudent; |
| • | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
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 Company and enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the Harbours Act, 1996 and the Companies Acts, 1963 to 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Corporate Governance
Dublin Port Company is committed to maintaining the highest standards
of corporate governance and has adopted the principles of corporate
governance and the Code of Practice for the Governance of State Bodies
issued by the Department of Finance in October 2001. The Company also
complies with its obligations under the Ethics in Public Office Act,
1995 and the Standards in Public Office Act, 2001.
The majority of Directors are non-executive and are appointed by the Minister. The Board meets formally on a monthly basis and has a formal schedule of matters specifically reserved to it for decision. The Board has access to the advice and services of the Company Secretary and can take independent professional advice as and when deemed necessary.
The Board established an Audit Committee in 1997 under formal terms of reference. The members of the Committee during the year were Ms. C. Bryce (Chairperson), Mr. B. W. Kerr and Mr. K. Humphreys.
Internal Controls
The Board has overall responsibility for the Company’s systems of internal
control, which have been designed to give reasonable assurance that
transactions are executed in accordance with management’s authorisation,
that assets are safeguarded, that fraud is prevented and that proper
financial records are maintained. To ensure the effective application
of the Company’s internal controls, the services of qualified personnel
have been secured and duties properly allocated among them.
The systems of internal control include the following:
| • | The process of identifying business risks and the evaluation of their financial implications is carried out through regular reviews of the Company’s strategic plan. The latest strategic plan for the period 2007 to 2011 was adopted by the Board in January 2007; |
| • | An annual budget approved by the Board and monthly consideration of actual results compared with budget forecasts; |
| • | An Audit Committee which has been established to review and discuss, with the internal and external auditors, the Company’s internal accounting controls, Internal Audit function, choice of accounting policies, internal and external audit plans, statutory auditors’ report, financial reporting and other related matters; |
| • | An Internal Audit function which reviews key business processes and controls; |
| • | Formal codes of conduct for Directors and employees; |
| • | Procurement policies and procedures. These ensure, firstly, that procurement activities are carried out so as to provide value for money in terms of overall lifecycle costs and, secondly, that all relevant State Guidelines and EU Directives applicable to Public Utilities are complied with. |
The Board through the Audit Committee is responsible for reviewing the effectiveness of the systems of internal control.
On Behalf of the Board
BW Kerr
E Connellan
26 March 2009