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59
Report of the Remuneration Committee on Directors’ Remuneration
Disclosures regarding Directors’ remuneration have been drawn up on an individual Director basis in accordance with the requirements of
both the 2012 UK Corporate Governance Code and the Irish Stock Exchange.
Unaudited Information
Remuneration Policy
The objective of the Company’s remuneration policy is to ensure that Executive Directors and senior managers are provided with
appropriate incentives which reward them for delivering shareholder value and contributing to the long term success of the Company in a
fair and responsible manner. The Committee believes in the principle of pay for performance and seeks to avoid reward for lack of
performance or failure.
The purpose of our remuneration arrangements is to enhance the focus of Executive Directors and senior managers on the achievement of the
Company’s strategy and to align their interests with those of shareholders.
The Committee is committed to engaging with shareholders on remuneration issues to gather feedback on its remuneration policy and related
governance matters. In particular, the Committee will discuss any significant changes to the remuneration policy with shareholders prior to
implementation.
The table below summarises the policy in respect of each component of remuneration for Executive Directors in 2015:
Element
Operation
Framework used to assess
performance
Maximum opportunity
Salary
Base salaries are reviewed annually, taking
into account personal performance, Company
performance, changes in responsibilities and
market practice.
The Committee considers salary
levels taking into account Company
and individual performance and what
level of salary will be sufficient to
attract and retain Executive Directors
of required quality to run the business
without paying more than is necessary
for this purpose.
Salaries are set taking into
account the factors outlined
and there is no maximum
opportunity
Salaries are typically set after considering the
salary levels of companies of a similar size
and complexity, the responsibilities of each
role, individual performance and an
individual’s experience.
Benefits
Executive Directors may receive benefits
including car allowance, mobile telephone,
telephone and broadband connection, health
insurance, death in service, and income
protection benefits.
Not applicable
Not applicable
Directors and dependent members of their
families can benefit from concessionary
travel on Aer Lingus services.
Additional benefits may be provided in
specific circumstances where an Executive
Director is required to relocate in order fulfil
their role, reasonable relocation benefits may
be provided.
Pension
Executive Directors are invited to participate
in a defined contribution pension scheme.
Not applicable
The current pension
contributions are 25% of basic
salary for Executive Directors