Directors’ Report Key Management Personnel - Accounting Assignment Help

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Directors’ report (continued) Key management personnel (continued) For the year ended 30 June 2019, the Executive KMP were: Name Position Term as KMP Mr P Scurrah Group Chief Executive Officer and Managing Director Commenced 25 March 2019 Mr J Borghetti AO Group Chief Executive Officer and Managing Director Ceased 25 March 2019 Mr G Smith Chief Financial Officer Full Year Ms M McArthur(1) Chief Executive Officer, Tigerair Australia and Acting Chief Commercial Officer, Virgin Australia Airlines Full Year Mr K Schuster Chief Executive Officer, Velocity Frequent Flyer Full Year Mr R Sharp Group Executive, Virgin Australia Airlines Ceased 10 May 2019 (1) Ms M McArthur was appointed as Acting Chief Commercial Officer, Virgin Australia Airlines on 10 May 2019. Remuneration governance The Remuneration Committee is responsible for making recommendations to the Board on remuneration policies, structure and performance of the CEO, Executives and Non-Executive Directors. The Board independently considers these recommendations before making remuneration decisions. The Remuneration Committee ensures that remuneration policies align with Group strategy and objectives through the attraction, retention and performance of Executives. Full details of the responsibilities of the Remuneration Committee are set out in the Group’s Corporate Governance Statement. The remuneration of the CEO of Velocity Frequent Flyer is determined by the Velocity Frequent Flyer Board within the broader Group framework and is aligned to the Velocity Frequent Flyer strategy. Use of remuneration consultants During the 2019 financial year, the Board did not receive any remuneration recommendations from a remuneration consultant as defined by the Corporations Act 2001 (Cth). Mandatory shareholding requirements The Group does not have mandatory shareholding requirements for the CEO, Executives or Non-Executive Directors. The Remuneration Committee considers that the interests of the CEO and Executives are sufficiently aligned with the Group strategy and objectives and shareholder interests through the current short and long term incentive design. Securities trading policy The Group securities trading policy applies to all Directors and employees of the Group. The policy ensures all Directors and employees are aware of the legal restrictions on trading Company securities while in possession of unpublished price sensitive information. Directors and Executives are required to obtain consent prior to dealing Company securities. Trading is only permitted during nominated trading windows, which are open for a four week period commencing on the first trading day after the release of the Company’s half-year and full year results. A copy of the securities trading policy is available on the Company’s website. The securities trading policy prohibits short term trading and hedging economic exposure to unvested options issued pursuant to an employee option plan. Directors and the CEO are prohibited from obtaining margin loans using the Company’s securities as security for loans. Use of Board discretion The Board maintains absolute discretion in finalising remuneration outcomes for incentive-based awards to the CEO and Executives. The Board may exercise discretion to increase or decrease (including to nil) incentive-based awards to take into account the impacts of external market conditions outside the control of the CEO and Executives. The Board is cognisant of ensuring any exercise of discretion reinforces the Group strategy and remuneration philosophy. Remuneration report - audited (continued) Virgin Australia Group | Annual Report 2019 25

Executive remuneration overview Remuneration philosophy The Group is focused on delivering sustainable shareholder returns through lowering its cost base, growing revenue and earnings and further optimising its balance sheet. At the same time, the Group is firmly committed to delivering more choice and the best customer experience to Australian and international travellers. The continued growth, development and success of the Group requires the alignment of Executive remuneration to the achievement of the Group strategy and delivery of shareholder returns. G

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