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this. This was calculated according to the bonus targets for the year ended 30 September 2007, the table below give details. The financial targets
are related to a targeted rate of return on equity.
Achievement of bonus targets for 2007
Measure Achievement Comments
Profit Excellent year, met in full
Customers Revenue contribution per seat below target
People Employee satisfaction 82%, met in full
Operating costs Cost targets met in full
On time performance Percentage arrivals target met in full
50 easyJet plc
Annual report and accounts 2007
Long term incentive plans
The easyJet Long Term Incentive Plan (the “LTIP”) was approved by shareholders at the AGM in 2005. The LTIP replaced the existing
Unapproved Executive Share Option Scheme (the “ESOS”) as the primary long term incentive arrangement for the Executive Directors and
other senior employees although the ESOS was retained for flexibility, e.g. options were granted to the Chief Executive under the ESOS on his
appointment in 2005. However, there were no grants during the year and there is no current intention to make regular grants of options under
the ESOS.
In summary, the LTIP is structured to tie in directly with the Company’s current circumstances and strategy. It provides for regular annual
awards of (i) “Performance Shares” worth up to 100% of salary each year and (ii) “Matching Shares“ linked to the investment of up to 50%
of annual bonus in easyJet shares, which are then matched on a 1:1 gross basis.
Performance Shares and Matching Shares awards normally vest three years after grant, subject to continued employment. It is currently
intended that the vesting of all such regular annual LTIP awards will be subject to the satisfaction of return on equity (“ROE”) targets. These are
defined as post tax profit divided by average shareholders’ funds. The ROE targets will be measured by reference to a three year performance
period. Awards granted in the forthcoming year will vest according to the achievement of the following ROE targets relating to the Group’s
ROE in the year ending 30 September 2010.
Threshold Target Maximum
(25% vests) (50% vests) (100% vests)
Return on equity 12.5% 14.5% 16.5%
ROE has been chosen as the performance measure for a number of reasons, such as:
• It is a fundamental measure of easyJet’s underlying performance and is directly linked to the generation of returns to shareholders; and
• It is directly connected to the self-sustaining growth rate of the business and incentivises management to achieve the appropriate balance
between growth and returns, to deliver the best shareholder value.
The Remuneration Committee will review the ROE targets prior to each grant date in order to ensure that they remain sufficiently challenging.
When determining the extent to which the ROE targets (and indeed, the earnings per share (“EPS”) targets that apply to awards made under
other long term incentive schemes operated by the Company) are met the Committee will seek actual advice as and when it considers it
necessary to do so.
In addition to the proposed regular annual LTIP grants, a one-off “FTSE 100” award was granted shortly following the establishment of the LTIP
to provide senior executives with a simple, transparent incentive to increase materially easyJet’s market capitalisation. This FTSE 100 award was
structured so that, if easyJet becomes a member of the FTSE 100 index for a period of at least six months before the end of the financial year
ending 30 September 2008, participants will become entitled to receive an award over easyJet shares worth 100% of salary (subject to the
Remuneration Committee being satisfied that the Company’s issued share capital has remained reasonably constant over the relevant period or
any major acquisition has created shareholder value). These shares will vest three and a half years after entry into the FTSE 100 index subject
to continued employment.
Although these FTSE 100 awards (that the Remuneration Committee views as a one-off grant) form a smaller part of the overall incentive
arrangements compared to the annual bonus opportunity and the regular annual LTIP awards, they are an important element of the incentive
arrangements at easyJet for a number of reasons:
• They support the corporate goal of easyJet;
• They provide an important growth underpin to the ROE targets; and
• They are indicative of easyJet’s growth potential.
The Committee will regularly review the Company’s long term incentive provision to ensure that it fully supports the corporate strategy and
continues to take account of best practice.
Report on Directors’ remuneration
　
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