EasyJet 2013 Annual Report Download - page 70

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easyJet plc Annual report and accounts 2013
68
STRATEGIC
RISK
ASSESSMENT
FUNCTIONAL
RISK
ASSESSMENT
COUNTRY /
BASE RISK
ASSESSMENT
PLC
BOARD
EXECUTIVE
MANAGEMENT TEAM
TOP BUSINESS RISKS
KEY PROJECT /
PROGRAMME
RISK ASSESSMENT
KEY
SUPPLIER
RISK ASSESSMENT
To p down Feedback
Challenge
& Ownership
Risk Prioritisation
& Assessme
nt
Risk Identification
STRATEGIC OPERATIONAL
Sponsorship and risk appetite assessment
Filter
Risk Evaluation Group
enhance the Board. In identifying suitable
candidates the Committee will seek candidates
from a range of backgrounds, with the final decision
being based on merit against objective criteria. The
Company has two female Directors on its Board,
one being the Chief Executive. There are currently
ten Directors of the Company. Accordingly, women
represent 20% of the Board, a percentage which
easyJet aspires to improve upon or at least to retain
in the future.
In addition to board diversity, the Company
believes in promoting diversity at all levels of the
organisation, further details of which can be found
in the Corporate Responsibility section on page 50.
Fleet Oversight and Governance Committee
The Fleet Oversight and Governance Committee
was set up as a standing Committee in October
2012 and comprises four independent Non-
Executive Directors. As at 30 September 2013,
the Committee members were Charles Gurassa
(Chairman), David Bennett, Adèle Anderson and
Andy Martin. The purpose of the Committee is to
provide independent oversight over the governance
and controls relating to easyJet’s fleet order which
was approved by shareholders in July 2013. Matters
considered by the Committee during the year
include reviews of the risk register; the Internal
Audit and independent third party reports
regarding the controls; the overall governance
arrangements; and the construction of financial
models surrounding the process. The Committee
remains constituted and will meet to provide
oversight of the procurement process in relation
to the selection of the engine supplier for the new
generation aircraft order. The Fleet Oversight and
Governance Committee has met nine times during
the year.
Risk management
The Board is responsible for determining the nature
and extent of the significant risks it is willing to take
in achieving its strategic objectives. During 2013,
there was continued investment in and assessment
of the risk management process resulting in
improved risk management understanding,
assessment and reporting. The process is
underpinned by rigorous annual risk identification
workshops which were attended by the functional
managers, the Executive Management Team and
the Board. The process focuses on strategic,
financial and operational risks. During the year, the
risk management process was specifically enhanced
by capturing key project, supplier and country/base
level risks at a granular level. This process is
coordinated by the Risk team who report to
the Chief Financial Officer.
Governance
Corporate governance report continued
Risk management