In accordance with the provisions of Section 167 of the Companies Act 2014 (the “Act”), the Directors confirm that they have in place a Risk and Audit Committee which meets the requirements of section 167 of the Act. The Risk and Audit Committee as at 25 March 2020 were Denise Cronin (Chairman), Margot Slattery and Barry Walsh. The Committee met 5 times during the financial year.
During the financial year ending 25 March 2020 the Risk and Audit Committee were involved in the roll out of a new Business Continuity Management and risk management process in the Bord na Móna Group. The Committee meets periodically with the internal auditor and the external auditor to discuss the Group’s internal accounting controls, the internal audit function, the choice of accounting policies and estimation techniques, the external audit plan, the statutory audit report, financial reporting, procurement compliance, protected disclosures and other related matters. The internal auditor and external auditor have unrestricted access to the Risk and Audit Committee. The Chairman of the Committee reports to the Board on all significant issues considered by the Committee and reports on its meetings are circulated to all Directors.
The Remuneration Committee deals with the remuneration and expenses of the Chief Executive and senior management within Government guidelines, Human Capital Planning, Succession Management, Pensions and other HR matters. The Committee met 4 times during the financial year. The members as at 25 March 2020 were Geoffrey Meagher (Chairman), Elaine Treacy and Gerard O’Donoghue. The Chief Executive, Tom Donnellan, attends the Committee except when his own position is being discussed.
The Finance Committee considers the financial aspects of matters submitted to the Board, including the Annual Budget and Five Year Plan, and the procurement, disposal and leasing of land, buildings and facilities. The members as at 25 March 2020 were Geoffrey Meagher (Chairman), Tom Donnellan, Mary Rose Burke and Barry Walsh. The Committee met 5 times during the financial year.
The Health and Safety Committee advises the Board on Health and Safety matters within the Bord na Móna Group. The members as at 25 March 2020 were Gerard O’Donoghue (Chairman), Eddie Tynan, Philip Casey and Tom Donnellan. The Committee met 4 times during the financial year.
The Board Evaluation Committee facilitates a Board performance evaluation process each year, including an independent third party process every three years and advises the Board on the outcome of the evaluation process and any corrective actions required. The members as at 25 March 2020 were Barry Walsh (Chairman), Paddy Rowland and Elaine Treacy. The Committee met 3 times during the financial year.