EasyJet 2014 Annual Report Download - page 90

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88 easyJet plc Annual report and accounts 2014
How does the change in Chief Executive pay for
the year compare to that for easyJet employees?
The table below shows the percentage year-on-year
change in salary, benefits and annual bonus earned
between the year ended 30 September 2014 and the
year ended 30 September 2013 for the Chief Executive,
compared to the average earnings of all other easyJet
UK employees.
% Salary Benefits Annual bonus
CE 2.5% 0% 10% reduction
Average pay based
on all easyJet’s UK
employees(1) 2.5% 0% 10% reduction
(1) Reflects the change in average pay for UK employees employed
in both the year ended 30 September 2014 and the year ended
30 September 2013.
How much does easyJet spend on employee pay
each year?
The table below shows the total pay for all of easyJet’s
employees compared to other key financial indicators.
Year ended
30 September
2013
Year ended
30 September
2014
Change
%
Employee costs (£m) 517 566 9.5%
Ordinary dividend (£m) 133 180 35.5%
Special dividend (£m) 175 nil n/a
Average number of
employees 8,343 8,987 7.7%
Revenue (£m) 4,258 4,527 6.3%
Profit before tax (£m) 478 581 21.5%
Additional information on the number of employees,
total revenue and profit has been provided for context.
The majority of easyJet’s employees (around 93%) perform
flight and ground operations, with the rest performing
administrative and managerial roles.
What have Executive Directors earned for holding
external appointments?
Carolyn McCall joined the board of Burberry Group plc as
a non-executive director on 1 September 2014 and received
fees of £6,667 in the period to 30 September 2014. No
other Executive Directors held external appointments in
the year ended 30 September 2014.
How did shareholders vote on remuneration at the
last AGM?
Votes cast at the AGM in February 2014 in respect of the
Company’s remuneration policy and the Annual report
on remuneration are given in the ‘Shareholders’ vote on
remuneration’ table below.
In line with the Company’s commitment to ongoing
dialogue with its shareholders, meetings are offered, where
appropriate, to understand the reasons for any potential
or actual opposition to the Company’s remuneration policy.
Changes are made to our policy where it is considered
appropriate to do so.
easyJet consulted extensively with shareholders in advance
of the 2014 financial year Directors’ remuneration report.
In addition, improved disclosure enables other shareholders
to take a fully informed view on the current remuneration
framework policies and practices at easyJet. easyJet met
with the NAPF and the ABI, who recommended a vote
‘for’ and gave a “blue top” report respectively.
In relation to voting at our 2014 AGM, 37.0% and 36.5% of
the total shares able to be voted were cast against the
resolutions relating to the approval of the Company’s
remuneration policy and approval of the Annual report on
remuneration, respectively. Two of our top 20 shareholders
voted against the two resolutions. However, all of our top 20
institutional shareholders voted in support of the resolutions
and the next largest institutional shareholder voting against
the resolutions held 0.13% of the shares able to be voted.
Where individual shareholders voted against our policy, the
Committee has sought to engage with them to understand
their concerns as part of determining remuneration policy.
Directors’ remuneration report continued
Shareholders’ vote on remuneration
Policy Annual Report on Remuneration
Votes cast in favour 179,101,482 54.95% 181,034,255 55.55%
Votes cast against 146,816,506 45.05% 144,889,092 44.45%
Total votes cast in favour or against 325,917,988 100.00% 325,923,347 100.00%
Votes withheld 959,350 952,895