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the comparative market place in order to ensure that they are properly motivated to perform in the best interests of the Company and its
shareholders. The Committee also oversees any significant changes to pay and conditions elsewhere in easyJet and sets Directors’ remuneration
in the context of these pay and conditions. The Company aims to provide competitive “total pay” for “on target” performance, with superior
awards for exceptional performance.
The remuneration packages of the Executive Directors comprise a combination of basic salary, annual bonus, participation in share-based
long term incentive plans, and “lean” benefits provision. easyJet has a “no frills” approach and does not include, for example, company cars or
final salary pensions as part of the package. Therefore, performance related elements form a significant proportion of the packages of the
Executive Directors.
Element Purpose Delivery Detailed policy
Basic salary • Reflect the value of the individual • Cash • Reviewed annually, effective
and their role • Paid monthly 1 October
• Reflect skills and experience • Pensionable • Agreed when previous results
are finalised
• Benchmarked against similar
sized companies and
industry comparators
• Targeted at around median
• Individual contribution considered
Annual bonus • Incentivise year-on-year delivery • Cash • Majority measure is profit before
of short-term performance goals • Paid annually tax aligned to long-term targets
• Not pensionable • Other measures based on vision
– Customers
– People
– Operational excellence
Long term • Aligned to business plan • Annual grant of • Subject to stretching return
incentive plan • Incentivise long-term growth performance shares on equity targets
in easyJet’s return on equity • Opportunity to defer bonus and • Maximum grant of one times salary
get future matching share awards • Subject to one times salary
shareholding requirement
Pension • Provide minimum • Monthly contribution of 7% • Defined contribution
retirement benefits of basic salary • HMRC approved salary
• Opportunity for executive to • Salary sacrifice arrangement sacrifice arrangement
contribute to their retirement
The Board as a whole determines the remuneration of the Company’s Non-Executive Directors, with Non-Executive Directors exempting
themselves from discussions and voting as appropriate. When determining the remuneration of Non-Executive Directors, account is taken
of practice adopted in other similar organisations and the time commitment of each Non-Executive Director.
Report on Directors’ remuneration
49 easyJet plc
Annual report and accounts 2007
Basic salary
The basic salaries of Executive Directors are reviewed annually and are set taking account of a number of factors including (i) practice adopted
in companies of a broadly similar size, (ii) a formal appraisal of their contribution to the business and (iii) the competitive environment, as senior
easyJet executives are potential targets for other low cost start-ups and other companies in the airline sector.
During the year Andrew Harrison’s salary remained at £540,000, in line with his hiring agreement. Jeff Carr’s salary increased from £250,000
to £300,000 reflecting a catch up against market salaries, following his first full year in position.
Pension contributions
Pension contributions for Executive Directors are set at 7% of their basic salaries. While this is a non contributory arrangement, easyJet
operates a pension salary sacrifice arrangement where individuals can exchange their salary for company paid pension contributions.
Where individuals exchange salary this reduces easyJet’s National Insurance contributions. easyJet credits half of this saving to the individual’s
pension (currently 6.4% of the amount exchanged).
Annual bonus scheme
All Executive Directors participate in an annual bonus scheme. The maximum annual bonus opportunity of the Chief Executive during the year
was 200% of salary, with a 100% of salary maximum for other senior executives. This policy will remain unchanged for the forthcoming year.
Bonus targets are aligned to easyJet’s visions and values. For the financial year ending 30 September 2008, 70% of Executive Directors’ bonus
opportunity is subject to achieving demanding profit before tax targets related to the expected rate of return on equity. The remaining 30%
is subject to the achievement of demanding quantifiable business targets related to customers, people and operational excellence. If the profit
　
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