The fastjet PLC Board is committed to the highest standards of corporate governance and to maintaining a solid framework for control and management of the business.
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The purpose of the Audit Committee is to monitor the integrity of the financial statements of the Company. Some of the Audit Committee's duties include:
- reviewing the Company's accounting policies and reports produced by internal and external audit functions;
- considering whether the Company has followed appropriate accounting standards and made appropriate estimates and judgments, taking into account the views of the external auditor;
- reporting its views to the Board of directors if it is not satisfied with any aspect of the proposed financial reporting by the Company;
- reviewing the adequacy and effectiveness of the Company’s internal financial controls and internal control and risk management systems;
- reviewing the adequacy and effectiveness of the Company's anti-money laundering systems and controls for the prevention of bribery and receive reports on noncompliance; and
- overseeing the appointment of and the relationship with the external auditor.
The Audit Committee has two members, one of which is an independent non-executive director and at least one member has recent and relevant financial experience.
The current members of the Audit Committee are Mark Hurst as the Acting Chairman and Rashid Wally.
Remuneration and Nomination Committees
The purpose of the Remuneration and Nomination Committees is to determine and agree with the Board the framework or broad policy for the remuneration of the Company’s chairperson and the executive directors as well as the composition of the Board itself. Some of the Remuneration and Nomination Committees’ duties include:
- reviewing the pay and employment conditions across the Company, including the Board of directors;
- approving targets and performance related pay schemes operated by the Company and all share incentive plans and pension arrangements;
- regularly reviewing the structure, size, and composition (including the skills, knowledge, experience and diversity) of the Board and make recommendations to the Board with regard to any changes, succession planning and vacancies; and
- identifying suitable candidates from a wide range of backgrounds to be considered for positions on the board.
The current members of the Remuneration Committee are Rob Burnham (Chairman), Mark Hurst and Rashid Wally. The current members of the Nomination Committee are Rashid Wally (Chairman), Mark Hurst and Rob Burnham.