Ryanair 2004 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 of the 2004 Ryanair 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 74

  • 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

The Remuneration Committee
The Re m u n e ra t i o n Co m m i ttee co m p r i ses Mr. James R.
Osborne, Mr. Paolo Pietrogrande and Mr. Klaus Kirchberger,
all of whom are non-executive directors. The Committee
determines the remuneration of senior executives of Ryanair
and administers the group’s stock option plan. The Board
determines the remuneration and bonuses of the Chief
Executive who is the only executive director.
Remuneration Policy
The group’s policy on senior executive remuneration is to
reward its executives competitively, having regard to the
comparative marketplace in Ireland and the United Kingdom,
in order to ensure that they are properly motivated to
perform in the best interest of the shareholders.
Non-executive Directors
N o n - exe cu t i ve dire c to rs are re m u n e ra ted by way of
directors’ fees and share options. Mr. Michael Horgan is
remunerated on a consultancy basis on safety issues and by
share options. Full detailsare disclosed in note 23(b) and 23
(d)on pages 50and 52 of the financial statements.
Executive Director Remuneration
The elements of the remuneration package for the executive
director are basic salary, performance bonus and pension.
Full details of the executive director’s remuneration are set
out in note 23(a) on page 50 of the financial statements.
Executive Director’s Service
Contract
Ryanairenteredinto a new employmentagreement with the
only executive director of the Board,Mr.MichaelO’Leary on
July 1, 2003 for a one year period to June 30, 2004.
Thereafter, the agreement will continue in full but may be
terminated with twelve months notice by either party. Mr.
O ’ Le a ry ’s e m p l oy m e n t a g re e m e n t d o es n o t co n ta i n
provisionsproviding for compensationon its termination.
Report of the Remuneration Committee to the Board 23
A N N U A L R E P O RT & F I N A N C I A L S T A T E M E N T S 2 0 0 4
In forming the group’s remuneration policy, the Board has complied with the
Combined Code.