Policy in Bord na Móna is determined by a twelve-member Board appointed by the Minister for Communications, Energy and Natural Resources. Seven of the Directors are normally appointed for a term of five years. Four of the Directors are appointed for a term of four years, in accordance with the Worker Participation (State Enterprises) Acts 1977 and 1988. The Managing Director is appointed to the Board upon taking that position.
The Board is responsible for overseeing and directing the Bord na Móna Group and ensuring its long-term success. Decisions are made after appropriate information has been made available to Board members and with due consideration of the risks identified through the risk management process.
The Board has reserved a schedule of matters for its decision, including:
The Board is provided with regular information on a timely basis which includes Key Performance Indicators for all areas of the business. Reports and papers are circulated to the Directors in preparation for Board and Committee meetings.
All members of the Board have access to the advice and services of the Company Secretary who is responsible to the Board for ensuring that Board procedures are complied with. The Group’s professional advisers are available for consultation by Directors as required. Individual directors may take independent professional advice in line with specified procedures.
Each Director received an appropriate briefing on being appointed to the Board and access to training is provided by the Group during a Director’s term of office.
The Board implemented a process for evaluating its performance during the period.
The Board and Management maintain an ongoing dialogue with stakeholders on strategic issues.
The Board considers that all Directors are independent in character and judgment. However, the Board notes that the Managing Director and four Directors appointed in accordance with the Worker Participation (State Enterprises) Acts 1977 and 1988 have contracts of employment with Bord na Móna.
Fees for Directors are determined by the Government and set out in writing by the Minister for Communications, Climate Action and Environment. Directors’ remuneration is outlined in note 5 to the financial statements on page 79 of the Annual Report 2019. The total expenses paid to the Directors in the financial year was €22,727 (FY19: €20,960).
The Board met 10 times during the financial year.
It is the policy of Bord na Móna plc to comply with the Company’s relevant obligations, as defined in section 225 of the Act. Each of the Directors acknowledge that they are responsible for the Company’s compliance with its “relevant obligations” and confirm as follows:
In accordance with the provisions of section 330 of the Act, each of the Directors confirms that: