International Cons Airlines Group Directorate Change
RNS Number : 3236K
International Cons Airlines Group
31 December 2020
31 December 2020
IAG Brexit Plans
International Consolidated Airlines Group, S.A. (IAG) has
implemented plans to ensure that its EU licensed airlines continue
to comply with EU ownership and control rules following Brexit.
These remedial plans were approved by national regulators in
Spain and Ireland and, as required, the EU has been notified about
them. The plans include the implementation of a national ownership
structure for Aer Lingus and changes to the Group's long-standing
national ownership structure in Spain.
In addition, the composition of the IAG Board of Directors has
been changed so that it has a majority of independent EU
non-executive directors. Deborah Kerr, María Fernanda Mejía and
Steve Gunning have stepped down from the Board and Peggy Bruzelius,
Eva Castillo Sanz and Heather Ann McSharry have joined it, all with
immediate effect. Steve Gunning's executive functions as Chief
Financial Officer remain unchanged.
As previously announced, IAG's Chairman, Antonio Vázquez, is due
to retire in January and at that time the IAG Board will be reduced
in size to eleven directors.
The IAG Nominations Committee has also been changed so that it
is comprised of a majority of independent EU non-executive
directors. Its members are Javier Ferrán (chair), Giles Agutter,
Heather Ann McSharry, Alberto Terol and Antonio Vázquez.
Peggy Bruzelius and Eva Castillo Sanz have joined the IAG Audit
and Compliance Committee. Eva Castillo Sanz and Heather Ann
McSharry have joined the IAG Remuneration Committee, as well as
Alberto Terol who will be chairing this Committee.
IAG's Chairman, Antonio Vázquez said: "It is disappointing that
it has become necessary to make these changes to the Board.
However, we are pleased that the EU-UK Trade and Cooperation
Agreement recognises the potential benefits of further
liberalisation of airline ownership and control because we believe
that it is in the best interests of the industry and consumers.
"I would like to thank Deborah and María Fernanda for their
valuable contribution to the Board and, particularly, Steve for
supporting these changes."
IAG's Chair-Elect, Javier Ferrán, said: "I am pleased that we
have identified strong replacements for the departing Board members
and am confident that IAG is well placed to take advantage of a
partial recovery in air travel demand in 2021."
Secretary of the Board of Directors
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(END) Dow Jones Newswires
December 31, 2020 08:15 ET (13:15 GMT)