Airbus 2010 Annual Report Download - page 34

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LONG-TERM VALUE
Corporate Governance
Board meetings
The Board of Directors met 12 times during 2010, with
attendance averaging 80%. The Chief Executive Officer
kept it fully informed through business reports, strategic
and operational plans.
Throughout the year, the Board monitored the progress
of significant programmes, such as the A350 XWB and
A380 aircraft, and NH90 and Tiger helicopters. It was
kept informed about the A380 Qantas engine incident
and reviewed the status of the programme management
improvement initiative throughout the Group. The Board
approved the launch of the A320neo (new engine option),
as well as the bid for the US Department of Defense’s
tanker replacement programme. It was also involved
in the A400M contract negotiations. From a strategic
perspective, along with the objectives set forth in Vision
2020, the Board also focused on cash management,
savings from improvement and efficiency programmes,
compliance in key business processes and employee
engagement.
General topics addressed by the Board included:
EADS’ strategy (including the competitive environment),
the Group’s financial results and forecasts, Enterprise
Risk Management results and system, investor relations
and financial communication policy, as well as legal
risks. The Board approved a change in the Company’s
executive remuneration structure and system and focused
on succession planning. Finally, it decided to replace the
2010 employee share ownership plan by a free share plan
for every eligible EADS employee, in celebration of EADS’
10thanniversary.
Board self-assessment
The Corporate Secretary conducted the annual self-
assessment in early 2011, which concluded that the
Board’s work as a team has grown increasingly efficient,
allowing it to explore new domains and tackle relevant
matters in the best interest of the Group.
The Directors felt they were given more time to address
longer term questions than in the past. During 2010,
for the second time, they devoted a full day meeting
to strategy, which was held at an industrial site.
This practice is considered beneficial and will be
continued.
Focusing on major strategic and operational
issues, Board discussions concentrated on
topics such as the launch of the A320neo and
the A400M contract negotiations.
12
EADS ANNUAL REVIEW 2010