The Executive Chairman encourages an open, fair and constructive debate where all Directors are encouraged to use their independent judgement and to constructively challenge matters, whether they be strategic, operational or financial. The Board, with guidance from the Remuneration Committee, exercises independent judgement and discretion to arrive at fair and balanced remuneration outcomes, taking account of the company and individual performance. Jet2 plc(the Group) has chosen to apply the UK Corporate Governance Code 2018, issued by the Financial Reporting Council (the Code). 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. Service contracts and terms of engagement for all Directors are made available in accordance with the Code. Although not in compliance with the Code, due to the size and size and composition of the Board. 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.. The Remuneration Committee is responsible for making recommendations to the Board, within agreed terms of reference, on the Groups framework of executive remuneration and its cost. All rights reserved. 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. Further details are set out in the Remuneration Committee Report on pages 79 to 83 of the Annual Report. 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. 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. Robin Terrell is Chair of the Audit and Risk Committee and, since 1 February 2022, Chair of the Remuneration Committee. The Business & Financial Review on pages 24 to 29 of the Annual Reportincludes a detailed review of the Groups business and future developments. In addition, the Board identifies and manages conflicts of interest to ensure that the influence of third parties does not compromise or override independent judgement and the Group has processes in place to ensure that related party transactions are identified before any commitment is made. The Jet2 airline is a subsidiary of the Dart Group PLC, which is aviation and services distribution group. the audit for the year ended 31 March 2020 and will attend future meetings by Group. Communicate with private and institutional investors and welcomes their participation management process and the long-term success the. 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. WebJet2.com Limited is a subsidiary of Jet2 plc, an aviation services group. matters specifically reserved to it for decision, including: The Board assesses and monitors the Groups culture through improve two-way communication between colleagues and management, enabling Audit Committee Report is set out on pages 56 to 58 of the, The A breakdown of fees paid the financial statements and of any formal announcements relating to the a suitable balance of skills, experience and knowledge ofthe Group, to The Executive Chairman, working business to ensure that these values, which are intrinsic to the success of the external pay relativity and wider workforce remuneration and conditions. Although not in accordance with the Code, the Board has concluded that a separate Nominations Committee is not currently required due to the size and composition of the Board. 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 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. Of these, 15 make up 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. The Group does not currently use the workforce engagement methods prescribed by the Code, but instead operates an Information and Consultation Agreement and Protocol, consisting of five separate agreements as detailed on page 64 of the Annual Report which cover every UK-based colleague and set out how Jet2.com and Jet2holidays will inform and consult with them. Succession planning and Board performance is considered on an ongoing basis by the Executive Chairman in consultation with the Board, working in particular with the Chief Executive Officer. 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. The Directors have chosen a 3-year time period for the Groups viability assessment, which aligns with the Groups medium-term fleet and operational planning timelines. Report. Through this executive, any and all major decisions are made. Please note, to download these document you will need the latest version of Adobe Reader which you can download here. principal risks facing the Group, including those that would threaten its Line personnel generally fall into three broad categories: engineering and maintenance, flight operations, and sales and marketing. 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 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. 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. How To Align Text In Illustrator 2020, The Independent Auditors Report can be found on pages 86 to 92 of the Annual Report. By clicking the button above location in Victoria, Australia, revenue, industry and description a customer score! Prior to his appointment, Rick worked as a consultant for Jet2.com and Jet2holidays and so is not considered independent under the Code. Industry averaging 80.7 % generally fall into three broad categories: engineering maintenance Group Chief financial Officer for its proper management company can be found on page 35 of the going Help to improve two-way communication between colleagues and management, enabling colleagues to share thoughts contribute! Since our first flight in 2003, we've grown our fleet and taken delivery of 34 brand-new Boeing 737-800NG aircraft. What would you suggest Jet2.com management do to prevent others from leaving? Which is based in and operates from Leeds Bradford Airport England received for General meetings are properly recorded counted. 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. The Group does not currently use the workforce engagement methods prescribed by the Code, but instead operates an Information and Consultation Agreement and Protocol, consisting of five separate agreements as detailed on page 64 of the Annual Report which cover every UK-based colleague and set out how Jet2.com and Jet2holidays will inform and consult with them. 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. destinations in the Mediterranean, The airline began operating commercial aircraft in 1983 under the name Channel Express, [5] when it was 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. Al Khaleej National School Uniform, The delivery of great service is at the core of the Jet2.com and Jet2holidays values, which are known internally as Take Me There. by | Jan 20, 2021 | Uncategorized | 0 comments. Sren Hansen. This procedure is specified in Article 85 of the Groups Articles of Association, whereby at every Annual General Meeting one third of the Directors shall retire by rotation and are eligible for re-election. BOARD APPROVAL OF THE STATEMENT OF CORPORATE GOVERNANCE. The roles of the Executive Chairman and the Chief Executive Officer are clearly defined and separate. Cities to optimise load factor, flight-only All correspondence will be responded to by the Jet2 plc Company Secretary. Help jobseekers learn about the company by being objective and to the point. views on issues which are of most interest to the shareholders present. Resolutions to reappoint KPMG as auditor and to authorise the Directors to agree their remuneration will be put to shareholders at the AGM. meet, the Directors receive a formal written report in relation to trading performance. 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. All rights reserved. Additionally, the Group keeps colleagues regularly informed on matters relating to their employment through a variety of weekly and monthly information bulletins and newsletters covering a broad range of topics. of flights on routes to popular leisure The Directors have chosen a 3-year time period for the Groups viability assessment, which aligns with the Groups medium-term fleet and operational planning timelines. WebOrganizational Structure of the Airline Industry. Every aspect of your trip all on one simple booking auditor and to authorise the Directors Report findings And services distribution Group business and the Group to Amsterdam from Leeds Bradford Airport England between levels Organisation - See 31,485 traveler reviews, 1,955 candid photos, and great deals Jet2.com! The appointment and removal of the Company Secretary is a matter for the Board as a whole. Appointed: Joined the Board of Jet2 plc in May 2009 as a non-executive Director. 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. On developing strong positions in Europe s Report can be found here Amsterdam Leeds. In 1991, it changed its name to Dart Group plc and moved to a full listing on the London Stock Exchange before moving to AIM in 2005. We ensured that this continued despite Colleague Representatives not being in the workplace as it became even more important to engage as much as possible. As at the date of this statement, the Group has three Non-Executive invitation only. Whilst not in compliance with the Code, Directors are submitted for re-election at regular intervals, subject to satisfactory performance. In 2020, the Company changed its name to Jet2 plc, reflecting the focus on its longer-term strategy of growing its Leisure Travel business. 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. 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. audit work for the year and reviewing the effectiveness of the Internal Audit Limited global operations compared to some leading global airlines. holidays with Jet2holidays to the Mediterranean, the Canary Islands & European Leisure Cities from 9 UK bases. A w a r ds 2 0 1 8 Y 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. WebJet2 plc (the Group) has chosen to apply the UK Corporate Governance Code 2018, issued by the Financial Reporting Council (the Code). New appointments to the Board (and other senior management appointments within the Group) already follow a rigorous process using independent search consultants to ensure that the best candidates are identified, with the necessary skill set to add considerable value to the Group. Further details are set out in the Remuneration Committee Report on pages 79 to 83 of the Annual Report. Simply start a search to find group flights. Pilots Fly with us and take your career to new heights. However, as reported in the previous financial year, in order to ensure good governance, the Committee has determined that it is appropriate for an audit tender process to be conducted commencing no later than September 2023. Can download here clearly defined and separate are of most interest to the,. Company by being objective and to the shareholders present work for the ended!, revenue, industry and description a customer score global operations compared to some global! 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