EasyJet 2010 Annual Report Download - page 49

Download and view the complete annual report

Please find page 49 of the 2010 EasyJet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

Overview Business review Governance Accounts Other information
easyJet plc
Annual report and accounts 2010
47
Non Executives Directors (NEDs)
The NEDs, including the Chairman, have letters of appointment which set out their duties and responsibilities. The key terms of the
appointments are set out in the table below:
Provision Policy
Appointment letters Aligned to the standard terms appended to the UK Corporate Governance Code.
Copies of the service contracts and letters of appointment are available on request from
the Company Secretary
Period Three year term
Termination By the Director or the Company at their discretion and without compensation
Fees See below
Expenses Reimbursement of reasonable travel and other expenses incurred in the performance
of their duties
Time Commitment Anticipated to be twelve days per annum depending on Board and Committee requirements
and corporate activity
The Board as a whole determines the remuneration of the Company’s Non Executive Directors, with Non Executive Directors exempting
themselves from discussions and voting as appropriate. When determining the remuneration of Non Executive Directors, account is taken
of practice adopted in competitors and other similar sized organisations, committees chaired and anticipated time commitment. With the
exception of the Chairman and Deputy Chairman during the year under review the NEDs received a basic annual fee of £45,000 in
respect of their Board duties. A further fee of £10,000 is paid in respect of Chairmanship of Board committees. The annual fee for the
Chairman from 1 January 2010 was £250,000 and for the Deputy Chairman was to £70,000.
Fees are regularly reviewed and are set by the Board to attract individuals with the required range of skills and experience. The basic
annual fee increased to £55,000 with effect from 1 October 2010. The fee for the Chairman increased to £300,000 and the fee for
Deputy Chairman increased to £90,000.
Total shareholder return
Given the nature of easyJet’s operations, the Committee does not consider that there is a suitable comparator group against which to
measure total shareholder return. However, for completeness, the following graphs show the Company’s performance compared with
the performance of the FTSE 250 and that of a group of European Airlines1. The FTSE 250 has been chosen as it is the FTSE index in
which the Company resides. The group of European Airlines comprises companies operating in a comparable sector.
200
140
180
160
100
120
60
80
40
20
030 Sep 2005 30 Sep 2006 30 Sep 2007 30 Sep 2008 30 Sep 2009 30 Sep 2010
This graph shows the value, by 30 September 2010 of £100 invested in easyJet on 30 September 2005 compared with the value of £100 invested in the FTSE 250 index or a comparator
group of airlines. The other points plotted are the values at intervening nancial year-ends.
Note 1: British Airways, Lufthansa, Air France-KLM and Iberia have been included in the comparative European Airlines group.
Total shareholder return
FTSE 250 indexeasyJet Comparator airlines
Source: Thomson Financial