The Shannon Airport Group Annual Report and Accounts 2024

Annual Report and Accounts | 2024

RISK AND GOVERNANCE REPORT (CONTINUED)

STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS

INTERNAL CONTROL AND RISK MANAGEMENT (Continued)

REPORTING REQUIREMENTS The following disclosures are provided for the year ended 31 December 2024, as required by the Code of Practice for the Governance of State Bodies (2016) and agreed with the Department of Transport. Travel and subsistence costs charged to the profit and loss account for the year amounted to €0.15 million (national) and €0.15 million (international). Hospitality and staff wellbeing costs charged to the profit and loss account amounted to €0.14 million (employee) and €0.05 million (customer). Professional services costs incurred and charged to the profit and loss account in 2024 amounted to €0.52 million, comprising legal costs of €0.15 million, tax and financial advisory costs of €0.06 million, and other consultancy costs of €0.31 million. No payments were made in settlement of legal matters in 2024. There were no termination payments arising under approved restructuring programmes and charged to the profit and loss account in 2024. Amounts relating to staff costs charged to the profit and loss account are set out in Note 6 to the financial statements. Details of employee benefits for the Group’s activities are displayed below ² .

The Group maintains risk registers which have been reviewed by the Board and reviewed in detail by the Audit and Risk Committee and the Safety, Security and Sustainability Committee, as appropriate. The risk registers identify, evaluate and address the mitigation of key risks facing the Group, including financial, operational, and compliance risks. The Chief Executive Officer and Chief Risk Officer report to the Board on significant changes in the business and its external environment and the impact of these changes on the Group’s risk profile. The Board has reviewed the effectiveness of the systems of internal control up to the date of the approval of the financial statements. A detailed review was performed by the Audit and Risk Committee, which reported its findings back to the Board. The key areas of financial, operational and compliance controls and risk management were reviewed. The process used to review the effectiveness of the system of internal control includes: • Review and consideration of the programme of Internal Audit and consideration of its reports and findings; • Review of the status of matters raised previously by Internal Audit; • Review of the risk management activity including the risk registers; and • Review of reports from the statutory auditor which contain details of any material internal financial control issues identified by them in their work as auditor. The Chairperson of the Board reports to the Minister on compliance with the Code in respect of the financial period under review. The Board is satisfied that the Group’s system of internal controls is suitably designed to provide reasonable assurance regarding the safeguarding of assets against unauthorised use or disposition and the maintenance of proper accounting and reliable financial information.

directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act 2014. The directors are also responsible for ensuring that the Corporate Governance disclosures included in the Directors’ Report and Risk and Governance report reflect the Group’s compliance with the Code of Practice for the Governance of State Bodies (2016). The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the Group and Company financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and applicable law. Under company law the directors must not approve the Group and Company financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Group and Company at the end of the financial year and of the Group’s profit or loss for that year. In preparing the Group and Company 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; • state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; • assess the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and • use the going concern basis of accounting unless they either intend to liquidate the Group or Company or to cease operations, or have no realistic alternative but to do so. The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and which enable them to ensure that the financial statements of the Group and Company are prepared in accordance with applicable IFRS, as adopted by the EU and comply with the provisions of the Companies Act 2014. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. The

On behalf of the Board

Conal Henry

Mary Considine

Number of employees in band

Director

€

2024

50,000 – 74,999 75,000 – 99,999 100,000 – 124,999 125,000 – 149,999 150,000 – 174,999 175,000 – 199,999 200,000 – 224,999

101

20 March 2025

38 23

1 1 3 3

COMPLIANCE STATEMENT The directors confirm that the Company has complied in all material respects with the Code of Practice for the Governance of State Bodies (2016) for the year ended 31 December 2024.

² Employee benefits comprise all regular earnings, salary, overtime, shift-related, performance-based earnings and other benefits such as medical insurance, but exclude employer pension contributions