Qantas 2004 Annual Report Download - page 43

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2004 Corporate Governance Statement continued
THE BOARD ENCOURAGES ENHANCED PERFORMANCE
The Chairman’s Committee is responsible for evaluating the Board’s performance.
A formal review of Board and Committee performance was undertaken during the year. This involved the completion of a lengthy
questionnaire and the detailed discussion of the aggregated results by the Board or relevant Committee. During 2004, specialised
Committee questionnaires were completed by the Audit Committee and Safety, Environment & Security Committee.
The Chairman discusses performance with each Director during the year.
A formal induction program is available to new Directors to ensure they have a working knowledge of Qantas and the airline industry.
The Directors have open access to all relevant information, there are regular management presentations and visits to interstate/offshore
operations. Directors may meet independently with management at any time to discuss areas of interest or concern.
THE BOARD REMUNERATES FAIRLY AND RESPONSIBLY
The Qantas remuneration policy (Qantas Executive Remuneration Philosophy and Objectives) is set out in full in the Directors’ Report
(see pages 48 to 50).
The Chairman’s Committee is responsible for developing and recommending to the Board:
remuneration policies for Non-Executive Directors;
remuneration policies for the Chief Executive Officer and Chief Financial Officer;
remuneration policies for executive management;
the award of any executive option and share grants;
human resources policies; and
executive management succession planning, appointments and terminations.
The remuneration of the Directors and top five executives is disclosed on pages 67 to 69. All equity-based executive remuneration is made
in accordance with plans approved by shareholders.
On retirement, Qantas Directors are entitled to statutory superannuation and certain travel entitlements which are reasonable and standard
practice in the aviation industry (see page 66).
QANTAS RECOGNISES THE LEGITIMATE INTERESTS OF STAKEHOLDERS
The Board has a formal Code of Conduct (available on the Corporate Governance section of the Qantas website (www.qantas.com)).
Qantas also has formal policies relating to its obligations to non-shareholder stakeholders such as employees, customers and the
community as a whole. These include areas such as safety, service standards, occupational health and safety, employment practices,
fair trading and environmental protection. Each policy includes procedures for compliance and monitoring effectiveness
Qantas Annual Report 2004 41Spirit of Australia