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being granted at a discount of 20% to the market price
at the time of the grant. For those employees who are
on non-UK payrolls, an international scheme has been
established with similar terms and conditions to the
UK scheme, albeit without the UK tax benefits.
BAYE is a share incentive plan and is open all year.
This scheme is open to all employees on the UK payroll.
Employees can allocate part of their pre-tax salary
up to a maximum of £1,500 per annum, to purchase
“partnership” shares in easyJet. For every share
purchased through the partnership scheme, easyJet
purchases a “matching” share. Employees must remain
in employment with easyJet for three years from the
date of purchase of partnership shares in order to
qualify for matching shares, and for five years for shares
to be transferred to them tax free. The employee
retains rights over both their own shares and the
matching shares, receives dividends and is able to
vote at meetings once the shares are purchased.
An international scheme has been established for
individuals on other payrolls, with similar terms and
conditions to the UK share scheme, albeit without the
UK tax benefits.
Free shares
To further encourage share ownership, easyJet gave
all employees an award of free easyJet shares during
the year, equivalent to two weeks’ pay, subject to a
minimum of £600 for full time employees and the
HMRC upper limit of £3,000. This is also under the
HMRC approved Share Incentive Plan. Employees
who are not paid on the UK payroll are included in
the international Share Incentive Plan.
easyJet Shares 4 Me has been the recipient of two
further major industry awards this year, in addition
to three previous awards.
This year’s awards
“Best New Share Plan” at the ifsProShare Annual
Awards December 2006 for:
• “Best overall performance in fostering share
ownership”
• “Most effective communication of an employee
share plan.”
Previous awards
• “Best New Share Plan” at the ifsProShare Annual
Awards 2005
• “Most Effective All-Employee Share Plan Strategy
Award” from Employee Benefits magazine
• “Most Innovative Employee Share Plan” at the
Institute of Chartered Secretaries and
Administrators Company Secretary Awards 2006.
Staff travel
Staff travel continues to be a very popular employee
benefit with year-on-year sales increasing by 140%.
Go the Extra Mile awards
One of the key differentiators between easyJet and
other low-cost carriers is our people. Regardless of
where in the Company our people are working, they
work hard and give their all. For this reason, easyJet
runs an employee incentive scheme called the “GEM”
(Going the Extra Mile) awards. The awards are
designed to recognise employees who go beyond
what can rightly be expected of them in the role they
are in. There are two different types of GEMs which
recognise different areas of an employee’s contribution
and these are matched by an exciting range of rewards.
This year, 377 people have been recognised with GEMs,
which is an increase of 32% year-on-year.
Corporate and social responsibility report
continued
35 easyJet plc
Annual report and accounts 2007
E. Charitable donations
Our charity policy is to recognise and devote efforts to
a single charity each year. This year the charity, chosen
for the second time by a staff vote, was The Anthony
Nolan Trust.
easyJet has worked with The Anthony Nolan Trust
to help promote the Trust, with activities including
onboard collections, a click and give campaign from our
website, staff fundraising, being featured in the in-flight
magazine and other public relations activities. £514,893
was raised to 30 September 2007 and the Anthony
Nolan Trust received coverage in European press, UK
regional press and National television. In addition to
what was raised easyJet also donated £50,000 to the
Anthony Nolan Trust.
F. Ethical
easyJet is committed to the highest standards of
corporate behaviour from its Directors and employees.
easyJet requires all of its people to perform their duties
with efficiency and diligence and to always behave
to customers and other people alike with courtesy
and decorum.
easyJet’s procurement process has strong controls
to ensure that any dealings are open and transparent,
and avoids any suspicion of conflicts of interest.
In particular, easyJet has specific clauses in each
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