Air New Zealand 2013 Annual Report Download - page 61

In addition to the stated 2013 objectives, a number of other activities were carried out:
• SomemembersoftheBoardandtheExecutiveparticipatedindiversitytraining.
• Aculturalcelebrationcalendarofeventswasinitiated.
• ArangeofEmployeeNetworkGroupsweresetupincluding:
- Pacific Island Network;
- Maori Network ;
- Womens’ Network;
- Sexual Orientation Network; and
- Chinese Network
Looking to the 2014 financial year, a programme of work has been commied to, which includes continuing making progress on the
initiatives commenced in the 2013 financial year and in addition:
• Embeddingregularauditingofperformanceandrewardprocessesforunconsciousbias;
• DevelopingaHighPotentialProgrammetargetingadiversegroupofemployees;
• Rollingoutaprogrammeaimedatretainingtalentedwomenandinparticularsupportingtheminreturningtotheworkforce;and
• FurtherrolloutandsupportofEmployeeNetworkGroups.

Air New Zealand has wrien policies and procedures in place to keep investors and staff informed of all material information about
Air New Zealand and to ensure compliance with disclosure requirements under legislation and stock exchange listing rules. Board and
Commiee charters and policies of public relevance are published on Air New Zealand’s web site at www.airnzinvestor.com.


Air New Zealand’s performance management system applies to the executive management group. The focus is on establishing goals,
measures and targets linked directly to the business plan and to the leadership behaviours needed to achieve business success. Air New
Zealand’s remuneration policies and practices are linked directly to the performance and development processes so that executive
managers’ achievement of Air New Zealand’s goals is appropriately recognised and rewarded.

Air New Zealand’s non-executive directors do not participate in any executive remuneration scheme or employee share schemes;
nor do they receive options, bonus payments or any incentive-based remuneration. Directors are entitled to be reimbursed by Air New
Zealand for reasonable travelling, accommodation and other expenses they may incur whilst travelling to or from meetings of the
directors or commiees.

The Board has included in its Charter a requirement to conduct an annual performance review of the Board as a whole aer the financial
year end. Individual director views and the views of members of the senior management team are sought on Board process, efficiency, and
effectiveness, and are discussed by the Board as a whole. In conjunction with this process, those directors retiring annually by rotation
who are standing for re-election have their performance evaluated by their fellow directors in a process co-ordinated by the Chairman,
with individual feedback to each director as their evaluation is completed.

Under the NZSX and ASX Listing Rules, Air New Zealand is required to disclose in this annual report the extent to which its corporate
governance practices materially differ from the principles set out in the NZX Code and the ASX Recommendations. A summary of Air New
Zealand’s corporate governance practices have been provided above. Any divergence from the NZX Code and the ASX Recommendations
is explained in the table below.





2.4 The board should establish a nomination
commiee.
2.2 Unless constrained by size, an
Issuer should establish a nomination
commiee as recommended below in
paragraph 3.10.
3.10 – 3.12 Composition, charter and
review of nomination commiee.
The Board believes that a nomination
commiee is not required for
Air New Zealand, as its whole Board
should be (and is) involved in the
selection and appointment process
of any new Board members.
Corporate Governance at Air New Zealand
(Continued)
Air New Zealand Annual Financial Results  59