IE Domain Registry Annual Report 2019

IE Domain Registry  Annual Report & Review  2019 42 Financial Statements The Covid-19 pandemic represents a considerable risk to public health, particularly to those citizens with underlying health conditions. In response, governments across the globe have ordered a complete lockdown, including the closure of all non- essential businesses and services. The company has followed the advice of Ireland’s national health and safety authorities and accordingly, company employees are now working from home, to protect the health and welfare of staff and their families. The company immediately invoked its business continuity processes and procedures to ensure that mission-critical systems and services remain fully operational. The management team is closely monitoring the consequences of Covid-19 and is reporting regularly to the board. The current assessment based on three criteria indicates benign business consequences for the company, thus far: 1. operations are carried out according to plan, statutory and other requirements are met. 2. available resources are sufficient, and 3. the burden on staff or functions or activities is not excessive. Future Developments The company continues to monitor international developments impacting ccTLD registries, in particular new EC regulations and the draft ICANN proposals for ongoing international expansion in, and the number of, top-level domains. These developments will result in some disruption in the global domain name market, and will represent a challenge for data protection managers, trademark and patents holders, brand managers and the owners of intellectual property rights. The company’s operational plans and budgets incorporate a continuation of the 2015 Strategic Development Fund to finance the strategic objectives and priorities for 2020. In technical terms, the company’s infrastructure and services portfolio is up-to-date, matching the top ccTLD’s in the EU. Heretofore, the company has taken a national leadership role in providing registry lock, secure DNS, secondary market, IDN’s, rule relaxations for geographic and place names, and the liberalisation of rules for new .ie domains. Directors In accordance with the Articles of Association directors may serve a maximum of two Terms, whereby a Term is a three-year period. Mr. Jim Joyce retired as director in accordance with the Articles of Association and offered himself for re-appointment in accordance with the Articles. Mr. Joyce’s re-appointment was approved. Mr Eamonn Ceannt, Mr Gareth Dunlop, Ms Louise English, Ms Anne-Marie Eklund Löwinder, Mr Dan Flinter and Mr Owen O’Connor continued as directors in 2019. Post Balance Sheet Events Apart from the Covid-19 crisis and its potential macro impact (as noted within the principal and risks and uncertainties paragraph above), there are no other material post balance sheet events. Directors and their Interests In accordance with the Articles of Association, the directors have no financial interest in the Members’ Funds of the company. The company is limited by guarantee and does not have a share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up. Members are liable for payment of debts and liabilities of the company contracted before ceasing to be a member, and for the costs, charges and expenses of winding up, such amount as may be required not exceeding €1.27 cash. Directors’ Responsibilities The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations. Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with Companies Act 2014 and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council (“relevant financial reporting framework”). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014. In preparing these financial statements, the directors are required to: „ select suitable accounting policies and then apply them consistently; „ make judgments and accounting estimates that are reasonable and prudent; „ state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and „ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. Directors’ Report (continued)