52. Related party transactions
As at the statement of financial position date, Catherine Duffy, non-executive Director of the Company, is a partner at law firm A&L Goodbody (“ALG’’). During the year ended 31 December 2019, expenses of €0.8 million of which €50,000 relates to Catherine’s remuneration for her role as non-executive Director (2018: €0.4 million of which €50,000 relates to Catherine’s remuneration for her role as non-executive Director) were incurred for services received from ALG in their capacity as legal advisors to the Company. All services have been provided on an arm’s length basis at the standard commercial terms of ALG.
The Company chartered a vessel to a subsidiary Company during the year. It also advanced and received funds to and from certain subsidiaries. Net funds received from subsidiaries during the financial year amounted to €29.5 million (2018: €44.2 million advanced subsidiaries). The Company has provided Letters of Financial Support for certain of its other subsidiaries.
During the financial year the Company received dividends of €nil million (2018: €51.0 million) from subsidiary companies.
At 31 December the following amounts were due to or from the Company by its subsidiaries:
2019 | 2018 | |
|---|---|---|
€m | €m | |
Amounts due from subsidiary companies (note 45) | 83.7 | 151.8 |
Amounts due to subsidiary companies (note 50) | (126.1) | (164.7) |
(42.4) | (12.9) |
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. There are no set terms and conditions attached to the amounts outstanding.