ESB Annual Report 2012 - (Page 64)

64 ESB Annual Report 2012 - Energy for connecting you ESB Annual Report 2012 - Energy for connecting you STATEMENTOF BOARD MEMBERS’ RESPONSIBILITIES THE BOARD MEMBERS ARE RESPONSIBLE FORPREPARING THE ANNUAL REPORT AND THE GROUP AND PARENT FINANCIAL STATEMENTS. The Electricity Supply Acts 1927 to 2004 require the Board Members to prepare Group and Parent financial statements for each financial year. Under ESB’s governing regulations (the “Regulations”), adopted pursuant to the Electricity Supply Acts 1927 to 2004, the Board is required to prepare financial statements and reports as required by, and in accordance with, the Companies Acts 1963 to 2012 (the “Companies Acts”), in the same manner as a company established under the Companies Acts. Further, the Board Members have prepared the financial statements of the Parent and the Group in accordance with IFRS as adopted by the EU, and as applied in accordance with the Companies Acts. The Group financial statements are required by law to present a true and fair view of the state of affairs of the Parent and the Group as at the end of the financial year, and of the profit and/or loss of the Parent and the Group for the financial year. Pursuant to IFRS as adopted by the EU, the financial statements are required to present fairly the financial position and performance of the Group and the Parent. In preparing each of the Group and Parent financial statements on pages 74 to 131 the Board Members are required to: > Select suitable accounting policies and then apply them consistently; > Make judgments and estimates that are reasonable and prudent; and > Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Parent will continue in business. The Board Members are responsible for keeping proper books of account which correctly record and explain the transactions of the Group and the Parent, disclose with reasonable accuracy at any time the financial position of the Group and Parent, enable them to ensure that the financial statements comply with the Companies Acts and enable the accounts of the Group and the Parent to be readily and properly audited. The Board Members are also responsible 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 Board Members are responsible for preparing a Board Members’ Report that complies with the requirements of the Companies Acts. The Board Members are responsible for the maintenance and integrity of the financial information included on the Group’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the Board Lochlann Quinn Chairman Pat O’Doherty, Chief Executive 27 February 2013

Table of Contents for the Digital Edition of ESB Annual Report 2012

ESB Annual Report 2012
Contents
Business Overview
Chairman’s Statement
Chief Executive Review
Our Strategy and Business Model
Operating and Financial Review
Operating Environment
Finance Review
Business Unit Sections: ESB Generation and Wholesale Markets
ESB Networks
NIE
Electric Ireland
Corporate Social Responsibility
Introduction from Executive Director, People and Sustainability
Sustainability Charter
Energy Usage 2012
ESB Innovation
Equality and Diversity
Our People
Our Community
Corporate Governance
Chairman’s Corporate Governance Statement
The Board
Executive Team
Board Members’ Report
Risk Management Report
Statement of Board Members’ Responsibilities
Independant auditor’s report to the stockholders of Electricity Supply Board (ESB)
Statement of Accounting Policies
Financial statements
Prompt Payments Act

ESB Annual Report 2012

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