Moscow, 9 September 2016. – PJSC Aeroflot (Moscow Exchange ticker: AFLT) announces the results of the Board of Directors meeting held on 8 September 2016. The meeting was chaired by Kirill Androsov.
The meeting agenda included the following items:
Work plan for the Board of Directors. A plan for the Board of Directors’ work for the period July 2016 through June 2017 was approved, and the directors’ aims and tasks for the corporate year were determined.
Membership and chairpersons for three Boardcommittees were voted on: the Audit Committee, the Human Resources and Compensation Committee, and the Strategy Committee.
Results of Aeroflot Group’s consolidated budget for the first half of 2016.
In light of the Group operating and financial performanceyear-to-date, as well as results of the programme to significantly reduce operating costs, it was established that there is an objective need to modify the consolidated budget for 2016.
The following was approved:
– An updated plan for Group operating performance for 2016, an updated IFRS budget for PJSC Aeroflot for 2016 and an updated consolidated IFRS budget for Aeroflot Group in 2016;
– Updated 2016 investment programmes for PJSC Aeroflot and for Aeroflot Group.
Auditor’s report on PJSC Aeroflot’s IFRS results. An independent auditor completed a review of the condensed consolidated Group interim financial statements prepared in accordance with IFRS. According to the results of the review on 29 August2016 the auditor released an unmodified account about the general review which noted that the auditor did not note any facts that could give reason to believe that the Group’s financial statement contained material misstatements.
PJSC Aeroflot incentive scheme. Results of the Board of Directors and senior management were reviewed for the first interim period of the long-term motivation programme.
Implementation of Aeroflot Group’s long-term development programme for the period 2016-2021. A report was approved concerning implementation of the Group’s long-term development programme and fulfilment of approved KPIs (key performance indicators)for the first half of 2016. Changes were approved for inclusion in Aeroflot Group’s updated long-term programme for 2016-2021. The Management Board was tasked with submitting an updated version of the Group’s strategy and long-term development programme for 2016-2021 for review by the Board of Directors.
KPIs of Aeroflot Group’s long-term development programme and those of the PJSC Aeroflot CEO for 2016. A series of changes to the content and weightingsof KPIs of Aeroflot Group’s long-term development programme and those of the CEO were approvedfor the 3rd and 4th quarters of 2016 as well as for 2016 overall.
Aeroflot Group’s fleet. The Board reviewed Aeroflot Group’s fleet with a focus on Aeroflot’s wide-bodied aircraft and the fleet of low-cost carrier Pobeda.
Sponsorship of Russian sports clubs. The Board approved sponsorship of the CSKA football club for the 2016-2017 season. Aeroflot proceeds on the premise that further cooperation with the most award-winningfootball club in Russian history will allow it to:
– Strengthen Aeroflot’s image in the Russian market;
– Improve access to Aeroflot’s target audience through company advertising campaigns using the club’s image;
– Increase brand loyalty.
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