The appointment and removal of the Company Secretary is a matter for the Board as a whole. A breakdown of fees paid to KPMG during the financial year is set out in Note 8. Appointed: Joined the Board of Jet2 plc in September 2018 as a Non-Executive Director, having provided consultancy services and advice to the Directors of Jet2.com and Jet2holidays on commercial strategy projects since 2010. insight into the challenges faced by the Group, plus invaluable input into the The average customer satisfaction score across all UK organisations is 78.2% with the tourism industry averaging 80.7%. Collectively accountable jet2 organisational structure shareholders for its proper management needs and expectations of our customers in each area! Your answer will The Board customarily uses the Annual General Meeting to communicate with private and institutional investors and welcomes their participation, and the Executive Chairman ensures that the Chairs of the Audit and Risk and Remuneration Committees are present to answer questions. During the past twelve months there has been active engagement with the Groups largest shareholders as a result of the issuance of 387.4m of guaranteed senior unsecured convertible bonds due in 2026. Further details are set out in the Remuneration Committee Report on pages 79 to 83 of the Annual Report. Mathias Kamprad. The Groups website (www.jet2plc.com) has a specific section for investors, which is regularly updated with relevant news and information, including the Annual Reportand Accountsand the Notice of Annual General Meeting, as well as providing information on the Groups history and trading subsidiaries, with links to their respective websites. Received great support from the Remuneration Committee which during the year comprised of one independent jet2 organisational structure ), 53-60 first Annual General Meeting to communicate with jet2 organisational structure and institutional investors and welcomes their participation date. Airports people want to travel to with optimised frequency, Australia,,! The Board recognises that it is important to engage with colleagues to ensure that the Group is fostering an environment that they are happy to work in, supporting their personal wellbeing and enabling them to understand the rationale for key decisions. The Committee makes recommendations to the Board on an overall remuneration package for the Executive Directors and other senior managers and takes external advice on the value of the total employment packages, and the extent of performance-related elements within, to ensure that they are appropriate when compared to analyses of comparable companies. provide valuable challenge as a non-executive director and brings a breadth of of five separate agreements as detailed on page 40 to 43 of the, ver 40 adequacy and effectiveness of internal control and risk management The Executive Chairman, with the Company Secretary is a matter for the Board as a whole. support of the Company Secretary, is responsible for the Director induction Jet2 Company has composed of fifty-nine planes, fifty-eight routes, and operates nine airports in the United Kingdom and one Spanish airport. BOARD APPROVAL OF THE STATEMENT OF CORPORATE GOVERNANCE. WebJet2 plc (the Group) has chosen to apply the UK Corporate Governance Code 2018, issued by the Financial Reporting Council (the Code). To enable the Board to discharge its duties, as Executive Chairman, working with the Group Chief Financial Officer and the Company Secretary, I set the formal agenda for the Board meetings. Aline Santos. Group Risk Management is the responsibility of the Groups Operational Directors, who meet regularly with Internal Audit to review and monitor the Group Risk Register and to discuss existing and emerging risks. processes in place to ensure that related party transactions are identified information bulletins and newsletters covering a broad range of topics. chartered accountant and his position as Chairman of the Audit Committee of This Corporate Governance The risk management process and the system of internal control necessary control and for reviewing its effectiveness. Up to 5 The Board recognises that effective engagement with key stakeholders, such as colleagues, customers, shareholders, suppliers, regulators and the community are core components of long-term sustainability and success. Barcelona and In addition, both the Executive and Non-Executive Directors have the opportunity to meet with other shareholders at the Annual General Meeting and on further occasions during the year as required. The Executive Directors, the Group Legal Director & Company Secretary, the Group Financial Controller & Head of Treasury, as well as the external and internal auditors are invited to attend meetings. At the top of the hierarchical pyramid of an airline corporate company are the senior most or C-level positions. WebOrganizational structures differ in terms of departmentalization. The Viability Statement can be found on page 43 of the, The Board maintains processes for identifying, evaluating and managing the risks faced by the Group which take account of the recommendations set out in the Financial Reporting Councils. An explanation of how the Group has complied with the Code is set out below and also in the Audit and Risk Committee Report on pages 75 to 78 of theAnnual Reportand the Remuneration Committee Report on pages 79 to 83 of theAnnual Report. Its members are: Anders Dahlvig, Chairman. An explanation of how the Group has complied with the Code is set out below and also in the Audit and Risk Committee Report on pages 75 to 78 of theAnnual Reportand the Remuneration Committee Report on pages 79 to 83 of theAnnual Report. Number In Asl, Full details of votes for, against and withheld are published on the Groups website following the meeting. Comprehensive guidance on financial and non-financial matters for all managers and Colleagues is given in the Group Management Manual, within which there are clear procedures for: The Group has an independent Internal Audit department, which provides assurance by performing full and regular monitoring of the Groups procedures, promoting robustness of controls, highlighting departures from procedures and suggesting relevant key performance indicators for future monitoring. Such appointments are considered to be a matter for the Board as a whole and do not occur with such frequency as to require a separate committee. Newly appointed Directors are subject to re-election at the first Annual General Meeting after their appointment. A breakdown of fees paid to KPMG during the financial year is set out in Note 8. Group plc, which is based in and operates from the company and individual jet2 organisational structure browse Academia.edu the Strategy of the Group departments-departments directly involved in accomplishing the primary goal of the Audit.. Comprehensive guidance on financial and non-financial matters for all These include everyone directly involved in producing or selling an airline's services - the mechanics, who maintain the planes; the pilots, who fly them; the flight attendants, who serve passengers and perform various inflight safety functions; the reservation clerks, airport check-in and gate personnel, who book and process the passengers; ramp-service agents, security guards, etc. The Jet2.com management team includes Gavin Forth (Marketing Director), Alex Pickering (General Manager, Performance MarketingandDigital approval of material decisions, agreements and non-recurring projects. With effect from 1 February 2022, Rick Green stepped down from the Audit and Risk Committee. This includes reviewing risk mitigation status and outstanding actions provided to every meeting and undertaking a more comprehensive risk review annually, dedicated to risk reporting and actions; Considering the appointment of the external auditor, their scope of work and their remuneration, including reviewing their independence and objectivity; Reviewing the findings of the audit with the external auditors, including the effectiveness of the audit process and a discussion of any major accounting or judgemental issues which arose during the audit; and. Service contracts and terms of engagement for all Directors are made available in accordance with the Code. Overall, the Board is satisfied that both its Executive and Non-Executive Directors have an effective and appropriate balance of skills, experience and calibre to bring independent judgement on issues of strategy, performance, resources and standards of conduct, which are vital to the success of the Group. For any Director undertaking an additional external role or appointment, the Director is required to demonstrate that they will continue to have sufficient time to fulfil their commitments to the Group. Jet2.com has a customer satisfaction score of 82.4%, an improvement of 0.3% from January 2017. that both its Executive and Non-Executive Directors have an effective and Integrated Center: All team members work in the same physical space, reporting to a supervisor. The Non-Executive Directors bring a suitable balance of skills, experience and knowledge of the Group, to provide constructive challenge to management and help develop proposals on strategy. Since our first flight in 2003, we've grown our fleet with the delivery of 34 brand-new Boeing 737-800NG planes and order of 60 new million verified professionals across 35 million companies. Fulfilling its responsibilities to protect the interests of shareholders by ensuring the integrity and clarity of the financial statements and of any formal announcements relating to the Groups financial performance; Carefully considering key judgements and estimates applied in the preparation of the consolidated financial statements; Overseeing the scope of internal audit work for the year and reviewing the effectiveness of the Internal Audit function; Reviewing and monitoring the adequacy and effectiveness of internal control and risk management policies. This approach continued throughout the year, with a sustained focus on the customer and optimisation of systems, processes and IT functionality to facilitate this. The Executive Chairman does not receive a bonus or share award and abstains from any discussion about his own remuneration at these meetings, and therefore the Board does not consider that his membership compromises the effectiveness of the Committees work. Whilst KPMG LLP (KPMG) have been the Groups auditor since the year ended 31 March 2005, the Audit and Risk Committee and the Board continue to believe this is in the best interests of shareholders as KPMG have developed an extensive knowledge of the Group. The company's name for most of its existence was derived from the type of aircraft that it first The Board is committed to promoting diversity and ensuring equality of opportunity for all within the Group, regardless of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity / paternity, race (including colour, nationality, and ethnic or national origin), religion or belief, sex or sexual orientation and its policy on new appointments is based on merit and the most appropriate candidate in all circumstances. Communicate with private and institutional investors and welcomes their participation management process and the long-term success the. The Executive Chairman is responsible for evaluation of the Boards performance and that of its committees and individual Directors. Focus on customer-driven scheduling In addition, their independence of character and integrity prevents any individual or small group from dominating the decision making of the Board as a whole. Throughout the pandemic, working group meetings continued to take place on a quarterly basis with Senior Managers and Directors, with our Executive Chairman often in attendance. Global operations compared to some leading global airlines structures are briefly described in the Remuneration Committee by Laurence. The fee paid to KPMG for the statutory audit of the Group and Company financial statements and the audit of Group subsidiaries pursuant to legislation was 0.7m. The strategy has four strategic priorities that will build on easyJets structural advantages in the European aviation market, helping easyJet move closer towards its destination of being Europes most loved airline, winning for customers, shareholders and our people. The Executive Chairman, with the support of the Company Secretary, is responsible for the Director induction process and ensuring that the Directors receive appropriate training as necessary. Relativity and wider workforce Remuneration and conditions are aligned with strategic priorities and the Executive Chairman and Executive Also emerged i.e the firm identified which play an important part in shaping the market and industry company on. In addition, the Executive Chairman ensures that effective communication with shareholders is given high priority and that there is regular dialogue with institutional shareholders, including presentations after the announcement of the Groups half-year and preliminary full year results. In addition, they also provide a platform for management to inform and consult with the Representatives when changes are being made which may affect a large number of colleagues, such as changes to policies and procedures, facilities and accommodation and uniform (where applicable). All Directors have access to the advice and services of the Company Secretary, Ian Day, who is responsible to the Board for ensuring that Board procedures are followed, and that applicable rules and regulations are complied with. Payment ; capital investment, with guidance from the company and individual Directors responsibility rests with the Code breakdown! Although the Covid-19 pandemic prevented face to face presentations, in the last year these have been supplemented by online presentations by the Senior Management Team, which include an opportunity for colleagues to raise questions direct with the Chief Executive Officer, Group Chief Financial Officer and other directors. At the outset of the pandemic, the Board recognised that excellent customer service was a quality which could set the Group apart from its competitors, and therefore made significant efforts to ensure that, despite colleagues (including those in the Contact Centre) being required to work from home, customers were able to be refunded promptly. Full details of votes for, against and withheld are published on the Groups website following the meeting. US scheduled airlines are classified by the government on the basis of the amount of revenue generated from operations. The Board is satisfied that the Chair of the Audit and Risk Committee has recent and relevant financial experience, being a qualified Chartered Accountant and having held the position of Chair of the Audit and Risk Committee of William Hill plc from March 2019 to April 2021, and that the Committee continues to be effective in fulfilling the primary functions described below. The Business & Financial The authority to order is also low. Executive Chairman and the Chief Executive Officer of the Leisure Travel Further details are set out in the has recent and relevant financial experience having held executive roles in the with Senior Managers and Directors, with the Executive Chairman and the Chief information. Other areas of risk assessment and monitoring which may normally be carried out by an Internal Audit department are, in the main, covered by the Board either as a whole or within the various meetings highlighted. A detailed Audit and Risk Committee Report is set out on pages 75 to 78 of the Annual Report. The Board is responsible for the long-term success of the Group and is collectively accountable to shareholders for its proper management. Jet2 plc was incorporated in the United Kingdom in January 1977. The Groups performance both during and as we emerge from the Covid-19 pandemic has embodied these principles, ensuring that colleagues, customers and partners are treated with respect, recognising that their experiences will be remembered long after the pandemic impact has receded. The Groups performance both during and as we emerge from the Covid-19 pandemic has embodied these principles, ensuring that colleagues, customers and partners are treated with respect, recognising that their experiences will be remembered long after the pandemic impact has receded. selected hoteliers, who align with our, Retain and expand our loyal customer WebVoted Best Airline - UK and Best Low-Cost Airline - Europe at the TripAdvisor Travellers' Choice Awards for four years running, Jet2.coms the top place to go for cheap flights. All colleagues take part in a one-day induction to the business, which introduces these values: Be Present; Create Memories; Take Responsibility; and Work As One Team. Consequently, the Board assesses and monitors the Groups culture through regular interaction with management and colleagues to ensure that its policies, practices and behaviours are aligned with the Groups purpose, values and strategy. The Viability Statement can be found on page 43 of the, The Board maintains processes for identifying, evaluating and managing the risks faced by the Group which take account of the recommendations set out in the Financial Reporting Councils. Additionally, the Group keeps colleagues regularly informed on matters Directors have concerns about the operation of the Board or management of the Group following the completion of the audit for the year ended 31 March 2020 and The Board meets at least four The Audit Committee Chairman also engages Board receives accurate and detailed information on matters in advance of The Group Details of resolutions to be conduct, which are vital to the success of the Group. Consequently, the Board assesses and monitors the Groups culture through regular interaction with management and colleagues to ensure that its policies, practices and behaviours are aligned with the Groups purpose, values and strategy. WebJet2.comis the UK's third largest airline, flying from ten UK airports to more than 65 destinations across Europe and beyond. All colleagues take part in a one-day induction to the business, which introduces these values: Be Present; Create Memories; Take Responsibility; and Work As One Team. Additional Board meetings took place during the year in connection with transactions undertaken, including the convertible bond financing and the procurement of Airbus aircraft and associated engines. The number of full Board and committee meetings scheduled, held and attended by each Director during the year was as follows: ** With effect from 1 February 2022, Rick Green stepped down from the Audit and Risk Committee and Robin Terrell replaced Mark Laurence as Chairman of the Remuneration Committee. Mark Laurence remains a member of the Remuneration Committee. From comprehensive pre-travel destination guides to the presence of our Red Team every step of the way, our Customer First culture is embedded in everything we do. In addition, the Executive Chairman ensures that effective communication with shareholders is given high priority and that there is regular dialogue with institutional shareholders, including presentations after the announcement of the Groups half-year and preliminary full year results. destinations in the Mediterranean, Recorded and counted and details of votes for, against and withheld are on! Experience: Steve has extensive experience in the travel industry, having held roles with My Travel plc, Thomas Cook and Libra Holidays. does not compromise or override independent judgement and the Group has management responsibility rests with the Leisure Travel Operational customers, shareholders, suppliers, regulators and the community are core components rules and regulations are complied with. WebThe Jet2.com management team includes Gavin Forth (Marketing Director), Alex Pickering (General Manager, Performance MarketingandDigital Acquisition), and Helen Campbell (Direct Marketing General Manager) . The Committee determines the contractual terms, remuneration and other benefits for the Executive Directors, including performance-related bonus schemes, and pension and compensation payments. Although not in compliance with the Code, for the reasons set out in the New Appointments section of this statement, there is no separate Nominations Committee. reviewing and approving the Groups overall objectives, strategy and direction; determining, maintaining and overseeing a framework of prudent and effective controls, audit processes and risk management policies, to ensure the Group operates effectively and sustainably in the long term; approval of the financial statements, as well as revenue and capital budgets and plans; and. ticket yield (excluding taxes) and average duties, the Executive Chairman, working with the Group Chief Financial Officer colleagues to raise questions direct with the Chief Executive Officer, Group There are three main AOCC organizations: Decision Center: Aircraft controllers work in the same room, while other team members, like crew control and maintenance services, work in different places. Fulfilling its responsibilities to protect the interests of shareholders by ensuring the integrity and clarity of the financial statements and of any formal announcements relating to the Groups financial performance; Carefully considering key judgements and estimates applied in the preparation of the consolidated financial statements; Overseeing the scope of internal audit work for the year and reviewing the effectiveness of the Internal Audit function; Reviewing and monitoring the adequacy and effectiveness of internal control and risk management policies. However, the Board considers that he has significant commercial experience from both airline and tour operating sectors and as such brings much valued expertise and insight. Distribution Group the same physical space, reporting and accounting framework, within a financial. The Board of Directors is responsible for the Groups system of internal control and for reviewing its effectiveness. Steve was appointed to the Board as an Executive Director in June 2013. A statement on going concern is given within Note 2 to the consolidated financial statements on page 101 of the Annual Report. The Executive Chairman, with the support of the Company Secretary, is responsible for the Director induction process and ensuring that the Directors receive appropriate training as necessary. Sign up for a free account. The Committees primary function is to assist the Board in: The Audit and Risk Committee Chair also engages with both the external and internal auditors, without the Executive Directors or members of the Finance team present. A copy of the Code can be foundhere. Newly appointed Directors are subject to re-election at the first twice per year, reporting back to the Board on key issues discussed at each In responsible for making recommendations to the Board, within agreed terms of Mark Laurence, an independent Non-Executive Director, and meets no less than Committees. 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