Air New Zealand 2013 Annual Report Download - page 49

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Air New Zealand Annual Financial Results  47
. RELATED PARTIES
Crown
The Crown, the major shareholder of the Company, owns 73 percent of the issued capital of the Company (30 June 2012: 73 percent). The
balance is owned by the public.
Air New Zealand enters into numerous transactions with Government Departments, Crown Agencies and State Owned Enterprises on an
arm’s length basis. All transactions are entered into in the normal course of business.
In December 2011, following a tender process, the Group was awarded a contract to supply air travel services to all New Zealand
Government agencies, as sole preferred supplier for all domestic travel and a preferred supplier for international travel. The contract has
been awarded initially for a five year term.
All members of the Group are considered to be related parties of the Company. This includes the subsidiaries, joint ventures and
associates identified in Note 14.
Key management personnel
Compensation of key management personnel (including directors) was as follows:
GROUP

M
GROUP

M
COMPANY

M
COMPANY

M
Short-term employee costs* 11 5 11 5
Directors' fees 1 1 1 1
Share-based payments 5 5 5 5
17 11 17 11
* On 1 January 2013 following the appointment of a new Chief Executive Officer the senior executive team was reorganised resulting in an
increase in the number of executives classified as key management personnel.
Certain key management personnel (including directors) have relevant interests in a number of companies (including non-executive
directorships) to which Air New Zealand provides aircra related services in the normal course of business, on standard commercial terms.
Paul Bingham (Director), was also a Director of Christchurch & Canterbury Marketing Limited (trading as Christchurch & Canterbury
Tourism) until 30 October 2012. During the year ended 30 June 2012 Christchurch & Canterbury Marketing entered into a joint promotional
agreement with Air New Zealand to promote domestic travel to Christchurch as part of an earthquake recovery promotional initiative.
Christchurch & Canterbury Marketing promoted Christchurch to the Visiting Friends and Relatives Market through a marketing
campaign funded by itself. Air New Zealand contributed to the campaign by offering customers a special ‘$50 off’ any domestic airfare to
Christchurch and also promoted the offer through its own channels.
Staff share purchase schemes
The Air New Zealand A and B Staff Share Purchase Schemes were established by the Group in 1998. All full time and regular part-time
employees were invited to participate in the Schemes with a share allotment date, being 12 August 1998. The shares were held by the
Trustees during a three year restrictive period, which expired in September 2001. As at 30 June 2013, the Scheme held 93 unallocated
Ordinary Shares (30 June 2012: 93 shares).
Executive share option plans
Executive share option plans are detailed in Note 23.
Notes to the Financial Statements (Continued)
For the year to and as at 30 June 2013