International Airlines Group, 19 June 2019
Cyber Attack On 6 September 2018, the Company announced that customer data had been stolen from the website of its subsidiary British Airways. Customers booking through the website from 22:58 BST 21 August 2018 to 21:45 BST 5 September 2018 had their personal and financial details compromised, though the Company provided that travel and passport details were not stolen. The announcement provided that the breach had been resolved, and police and the relevant authorities had been notified.
On 25 October 2018, the Company provided an update on the cyber attack, stating that the Company had been working with specialist cyber forensic investigators and the National Crime Agency to investigate fully the data theft. Please see the attached report for further details. Item 8.01: Re-appoint the ChairmanMr. Romero was not considered independent upon appointment as he is the former CEO.
ECGS considers that a former CEO should not be appointed as Chairman unless the Board provides clear justifications and it is for a temporary appointment following a reasonable cooling-off period.
Item 9: Approve the Remuneration ReportThe structure is unsatisfactory. The main concern is that incentive pay is not weighted more towards rewarding long-term performance. Additionally, the maximum bonus is excessive, though actual incentive pay during the year was not excessive. Given that incentive pay does not sufficiently align executives' interests with the Company's performance over the long-term, we recommend shareholders oppose.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
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