ESB makes it five in a row

ESB was recognised for excellence in financial reporting at this year's Leinster Society of Chartered Accountants Published Accounts awards, which were announced on November 17th. ESB won the award, open to all unquoted and statutory entities, for its 2005 annual report. The award was presented by Mr Charlie McCreevy, European Commissioner for Internal Markets and Services. The criteria used by the Institute in determining the award winner include the clarity and readability of the contents of the report and financial statements as well as the extent to which the report complies with accounting and information disclosure requirements.

This was the fifth consecutive year that ESB has won this award which is a significant achievement for all involved in producing the annual report. Winning the award for 2005 was particularly satisfying given that ESB had voluntarily elected to prepare the financial statements under the more onerous new International Financial Reporting Standards (IFRS). All quoted companies are obliged to prepare financial statements under IFRS since January 2005. Being committed to the highest standard of financial reporting ESB had voluntarily elected to adopt the new standards.

Mary Collins, Group Financial Controller said she had been delighted to accept the award on behalf of the team. Significant effort had been put into the 2005 annual report by the business units and group finance team lead by Ciara Dillon, given the additional requirements for the IFRS. It was rewarding for all involved that their efforts had been formally recognised.

Tribute was also paid to previous members of the group finance team who have moved on to new assignments since the year end, particularly Brian O'Brien, who had been involved in winning all five awards and to Jeanette Lowe from Corporate Affairs, who had managed the design process.