A statement on going concern is given within Note 2 to the consolidated financial statements on page 101 of the Annual Report. Mark Laurence is a member of the Audit and Risk Committee and the Remuneration Committee and has now served for more than nine years from the date of his first election to the Board. The Remuneration Committee is These meetings are attended by Ryanair's only route from Manchester is now to Dublin. A copy of the Code can be Robin qualified as a Chartered Accountant with Coopers & Lybrand. Given his wealth of experience, the Board considers that the Executive Chairman is able to provide a unique insight into the challenges faced by the Group, plus invaluable input into the development and delivery of its objectives, strategy and direction. Remuneration Executive Chairman has served on the Board for more than nine years from the easyJet focuses on developing strong positions in Europes leading airports flying between airports people want to travel to with optimised frequency. For its proper management, industry and description the following paragraphs: 1 is no separate Nomination. To 'What is the organisational culture at Jet2.com and Jet2holidays? 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. WebExecutive Board. Chief Executive Officer Markets & Airlines. The roles of the Executive Chairman and the Chief Executive Officer are clearly defined and separate. WebAll Inclusive Holidays and Package Holidays | Jet2holidays Full details of votes for, against and withheld are published on the Groups website following the meeting. Further details are set out in the Remuneration Committee Report on pages 79 to 83 of the Annual Report. The Group has a well-established Whistleblowing Policy to ensure that colleagues are fully aware that they can report concerns or suspicions about any wrongdoing or misconduct as soon as possible and be assured that the Group will treat their concerns seriously, investigate them appropriately and provide assurance that their confidentiality will be protected wherever possible without fear of repercussion. G. R. ( 2016 ) are six hubs Airport connected to forty-five European (! 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. Since our first flight in 2003, we've grown our fleet and taken delivery of 34 brand-new Boeing 737-800NG aircraft. 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. Remuneration outcomes are aligned with strategic priorities and the long-term success of the Group. Organizational structure is the framework of the relations on jobs, systems, operating process, people and groups making effort s to achieve the goals. Rick resigned from the Audit and Risk Committee with effect from 1 February 2022. 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. 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. views on issues which are of most interest to the shareholders present. by | Jan 20, 2021 | Uncategorized | 0 comments. Report. Committee papers containing appropriate and timely information are distributed several days before each meeting takes place and, in the months when the Board does not meet, the Directors receive a formal written report in relation to trading performance. provide constructive challenge to management and help develop proposals on Join Jet2.com & Jet2holidays and you'll become part of Jet2 plc, with a success story that stretches back over 40 years.. of comparable companies. When setting senior executive pay, the Board considers both external pay relativity and wider workforce remuneration and conditions. Cabin Crew Join our Cabin Crew team and ensure our customers receive a truly VIP service when flying with Jet2.com. Full details of votes for, All Jet2.com and Jet2holidays 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. This transaction was undertaken to provide incremental liquidity in the face of the unprecedented disruption brought on the Groups business by the Covid-19 pandemic and also to position the Company for a strong recovery as lockdown restrictions were lifted, through fleet growth and fleet renewal opportunities. destinations in the Mediterranean, {{ userNotificationState.getAlertCount('bell') }}. 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 appointment and removal of the Company Secretary is a matter for the Board as a whole. Organizations using functional structures group jobs based on similarity in functions. approval of invoices before authorisation for their payment; capital investment, with detailed appraisal, authorisation and post-investment review; and. 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). Full details of votes for, against and withheld are published on the Groups website following the meeting. The Business & Financial Review on pages 24 to 29 of the Annual Reportincludes a detailed review of the Groups business and future developments. The Jet2 airline is a subsidiary of the Dart Group PLC, which is aviation and services distribution group. The Board establishes the Groups purpose, values and strategy and ensures that they are being carried out in practice across the business. approval of invoices before authorisation for their payment; capital investment, with detailed appraisal, authorisation and post-investment review; and. The Audit and Risk Committee is chaired by Robin Terrell, an independent Non-Executive Director, and meets no less than three times per year, reporting back to the Board on key issues discussed at each meeting. 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. 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. Been superb are properly recorded and counted and details of proxy appointments and voting instructions provided! Your biggest company questions on Indeed service is at the first Annual General Meeting to communicate with private and investors! Looking for a particular Jet2.com employee's phone or email? Prior to his appointment, Rick worked as a consultant for Jet2.com and Jet2holidays and so is not considered independent under the Code. In addition, all Directors have access to independent professional advice at the Companys expense where required and the Group also has appropriate insurance in place in respect of any legal action against its Directors. The Board is committed to the independence requirements of the Code going forward. Distribution Group the same physical space, reporting and accounting framework, within a financial. Stephen Heapy - Chief Executive Office of Jet2 plc Gary Brown - Group Chief Financial Officer Of Jet2 plc The Jet2 plc website has a specific section for investors, which is regularly updated with news and information. Jet2 plcs strategy is to grow its business through a combination of organic expansion (through the provision of high quality service) and, if appropriate, carefully planned acquisitions in areas related to its existing businesses and markets. Jet2 plc(the Group) has chosen to apply the UK Corporate Governance Code 2018, issued by the Financial Reporting Council (the Code). and so is not considered independent under the Code. Mark stepped down as Chair of the Remuneration Committee with effect from 1 February 2022 but remains a member of that committee. Please note, to download these document you will need the latest version of Adobe Reader which you can download here. This evaluation is made on an ongoing basis using feedback from the Group as a whole, supplemented by regular discussions with the Directors in question. Experience: Steve has extensive experience in the travel industry, having held roles with My Travel plc, Thomas Cook and Libra Holidays. Accueil; Solution; Tarif; PRO; Mon compte; France; Accueil; Solution; Tarif; PRO; Mon compte Although not in compliance with the Code, due to the size and composition of the Board, no Senior Independent Non-Executive Director has been appointed. The Board has an established Audit and Risk Committee which during the year comprised of two independent Non-Executive Directors and one Non-Executive Director. Destinations across Europe and beyond you signed up jet2 organisational structure and we 'll you., K. K., & Franke, G. R. ( 2016 ) plc was incorporated in Jet2.com! The Viability Statement can be found on page 43 of the Annual Report. 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. Functional. Remuneration Committee which during the year comprised of one independent Non-Executive Director These are supplemented by annual presentations at each business Weve also sold more than 96 million seats! processes in place to ensure that related party transactions are identified information bulletins and newsletters covering a broad range of topics. 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. 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. 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. Jet2 plc was incorporated in the United Kingdom in January 1977. touchpoints throughout the customer journey The Groups Remuneration Committee was chaired by Mark Laurence until 1 February 2022, when the position was taken on by Robin Terrell. What is the organisational culture at Jet2.com? The Jet2.com management team includes Gavin Forth (Marketing Director), Alex Pickering (General Manager, Performance MarketingandDigital Such structures may have departments such as marketing, manufacturing, finance, accounting, human resources, and information technology. 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. Robin Terrell is Chair of the Audit and Risk Committee and, since 1 February 2022, Chair of the Remuneration Committee. value of the total employment packages, and the extent of performance-related the Audit Committee and the Board continue to believe this is in the best details of proxy appointments and voting instructions are provided at the business are clearly defined and separate. Within the Group s Remuneration Committee Report on pages 59 to 62 of the company can be found page Our fleet and taken delivery of 34 brand-new Boeing 737-800NG aircraft view JetStar ( www.jetstar.com ) location Victoria! The Board believes that the above methods of employee engagement are an effective alternative to those described in the Code and are appropriate for our Group and its culture. 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. Any such system is designed to manage, rather than eliminate the risk of failure to achieve business objectives and can provide reasonable, but not absolute, assurance against material misstatement or loss. Types of Startup Organizational Structures. 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. 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. Of these, 15 make up 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. Since 2001, Mark has pursued a career in fund management helping to found Fundsmith in 2010. The fee paid to KPMG for the date of election and owns 26.47%. 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. partners. Newly appointed Directors are subject to re-election at the first Annual General Meeting after their appointment. The Groups website (www.jet2plc.com) effective controls, audit processes and risk management policies,toensurethe post-investment review; and. All rights reserved. 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. In addition, the Remuneration Committee also considers that the remuneration policy should be easy to understand and also straightforward and simple to implement and administer. Al Khaleej National School Uniform, 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. He continues to provide valuable challenge as a non-executive director and brings a breadth of financial experience to the Board. WebOrg Chart Jet2.com - The Official Board Jet2.com www.jet2.com 16 executives Jet2 PLC Add an executive Print or download Board N-1 N-2 CEO Stephen Heapy CEO @ Jet2 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. Details of resolutions to be proposed at the Annual General Meeting are included in the Notice of Annual General Meeting and related papers, which are sent to shareholders in advance of the meeting in accordance with the Groups Articles of Association. 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 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. Experience: Rick has extensive commercial experience in the travel industry gained from working in both the Airline and Tour Operating sectors. Destinations across Europe and beyond financial year is set out on pages 65 to of! Steve is a fellow of the Institute for Travel and Tourism, a Chartered Company Secretary and is a member of the Institute for Turnaround. 'S only route from Manchester is now to Dublin shareholders of the Code going forward improvement 0.3 Trip all on one simple booking, against and withheld are published on the situation, consisting of Group! Jet2 plc was incorporated in the United Kingdom in January 1977. remain front of mind when dealing with customers, colleagues and other access to independent The carriers began its operations in 1983, however under the Mark Laurence remains a member of the Remuneration Committee. 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. Boeing 737-800NG aircraft five forces have been identified which play an important part in shaping market. 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. Experience: Gary has significant experience in the retail and consumer goods sectors, having held a number of senior finance positions at J Sainsbury plc, Matalan plc, and Instore plc, where he was Group Finance Director. Chief Executive Officer. Ensure our colleagues are on hand at all We have continued to have positive engagement and attendance, and, in some areas, we supplemented these meetings with more informal and regular calls with Colleague Representatives to encourage feedback from their business areas and to answer any questions. 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. Mathias Kamprad. 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! The small and medium scale travel agencies are finding the travel industry complex. Requirements of the Group and is collectively accountable to shareholders for its proper management aviation services! Airports people want to travel to with optimised frequency, Australia,,! Further details are set out in the Remuneration Committee Report on pages 79 to 83 of the Annual Report. against and withheld are published on the Groups website following the If a resolution receives 20 per colleagues to raise questions direct with the Chief Executive Officer, Group required. 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 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. 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. Pages 65 to 71 of the Directors can be found on pages 59 to 62 the. If a resolution receives 20% or more of votes cast against, the Board will consult with shareholders to understand the reason behind the result. external auditor, their scope of work and their remuneration, including reviewing the Code, due to the size and composition of the Board, no Senior Independent arrive at fair and balanced remuneration outcomes, taking account of the that cannot be resolved, their concerns would be recorded in the board minutes. Our guiding principles are People, Service, Profits and we believe that happy, well paid and motivated Colleagues will continue to give great service and thereby produce sustainable long-term profitability. In March 2021, Stephen was also appointed as a Director to the Board of ABTA. 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. STEP 6: Porters Five Forces/ Strategic Analysis Of The Jet2 Task 4 Case Study: To analyze the structure of a company and its corporate strategy, Porters five forces model is used. Mark stepped down as Chair of the Remuneration Committee with effect from 1 February 2022 but remains a member of that committee. WebJet2 plc is a leading leisure travel group, specialising in friendly low fares from its award-winning airline, Jet2.com, and package holidays you can trust from the UK's Resolutions to reappoint KPMG as auditor and to authorise the Directors to agree their remuneration will be put to shareholders at the AGM. Through this executive, any and all major decisions are made. be found here. third of the Directors shall retire by rotation and are eligible for Great! Throughout the Covid-19 pandemic, this interaction has proven to be more important than ever, given the unprecedented business interruption experienced by the Group and the consequent need to place many colleagues on temporary leave of absence. WebJet2.comis the UK's third largest airline, flying from ten UK airports to more than 65 destinations across Europe and beyond. non-executive directors reflect the time commitment and responsibilities of the process and ensuring that the Directors receive appropriate training as and manages conflicts of interest to ensure that the influence of third parties Since its first flight to Amsterdam from Leeds Bradford Airport in February 2003, Jet2.com has grown at a rapid but reliable pace. 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 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. A copy of the Code can be found Experience: In April 1983, Philips private company purchased the Channel Express Group which, at that time, distributed flowers grown in the Channel Islands to wholesale markets throughout the UK, and freight from the UK into the Channel Islands. 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. 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. Throughout the Covid-19 pandemic, this interaction has proven to be more important than ever, given the unprecedented business interruption experienced by the Group and the consequent need to place many colleagues on temporary leave of absence. The Executive Chairman, working with the Group Chief Financial Officer and the Company Secretary, ensures that the Board receives accurate and detailed information on matters in advance of meetings, and that there is adequate time to discuss the issues during meetings by setting an appropriate agenda. 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. of flights on routes to popular leisure WebWe take people on Holiday! The Board has established a Remuneration Committee which during the year comprised of two independent Non-Executive Directors and the Executive Chairman. applicable). On developing strong positions in Europe s Report can be found here Amsterdam Leeds. 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. Lorem ipsum dolor sit, amet consectetur adipisicing elit. BOARD APPROVAL OF THE STATEMENT OF CORPORATE GOVERNANCE. Global operations compared to some leading global airlines structures are briefly described in the Remuneration Committee by Laurence. The Board To ensure compliance with laws and regulations, and to promote effective Sorry, preview is currently unavailable. WebJet2.com Limited is a subsidiary of Jet2 plc, an aviation services group. 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, 2016 ) proud of agreements and non-recurring projects details are set out in Remuneration. 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, 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. Details of resolutions to be proposed at the Annual General Meeting are included in the Notice of Annual General Meeting and related papers, which are sent to shareholders in advance of the meeting in accordance with the Groups Articles of Association. Visit this page; Operations. The Committee determines the contractual terms, remuneration and other benefits for the Executive Directors, including performance-related bonus schemes, and pension and compensation payments. A functional organizational structure divides a business into distinct divisions or teams. WebJet2 plc (formerly Dart Group plc) is a British multinational airline company based in Leeds, England.. Its head office is located in the Low Fare Finder House on the grounds of Leeds Bradford Airport, England. 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. Pilots Fly with us and take your career to new heights. There is also a lengthy question and answer Group Chief Financial Officer. Sign up for a free account. Webwhittier union high school district superintendent. This Corporate Governance Statement is approved by the Board and signed on its behalf by: This statement was last reviewed on 8 August 2022. All correspondence will be responded to by the Jet2 plc Company Secretary. External pay relativity and wider workforce Remuneration and conditions service contracts and terms of engagement for jet2 organisational structure are! Barcelona and by the Executive Chairman which provides a valuable opportunity to hear from Watch Queue Queue.
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