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A N N U A L R EP OR T 20 21
AlejandraHead of CommunicationsAlejandraLeslieHead of Inflight Safety,Security & Regulatory ComplianceLeslieHead of Inflight Safety,Security & Regulatory ComplianceDanielleShaunaDanielleShaunaHead of DigitalSineadDirector of InflightSineadDirector of InflightAoifeHead of Inflight RetailAoifeHead of Inflight RetailHead of HRHead of HRLauraHead of Product & DesignLauraHead of Product & DesignLisaDeputy Director HRLisaTraceyCarolChief Risk OfficerCarolLornaDeputy Director HRLornaCelebrating the Leadersof RyanairHead of CommunicationsHead of DigitalTraceyChief Financial OfficerDeputy Director HRChief Financial OfficerIzabellaChief Risk OfficerRoseHead of Customer Operations,Training & QualityStandards CaptainHead of Customer Operations,Training & QualityStandards CaptainIzabellaJoelleRoseLisaDeputy Director HRJenniferData Protection OfficerJenniferData Protection OfficerYvonneDeputy Director of Security& ComplianceDeputy Directorof Technical ServicesHead of Pilot RosteringDeputy Director of Security& ComplianceDeputy Directorof Technical ServicesHead of Pilot RosteringJoelleSineadLisaRuthGeneral ManagerGround OperationsHead of Brand CommunicationsGeneral ManagerGround OperationsHead of Brand CommunicationsSineadRuthYvonneSandraHead of PayrollSandraHead of PayrollAineHead of Customers& AudiencesAineHead of Customers& AudiencesChiaraHead of Sales & MarketingChiaraHead of Sales & MarketingTracyDirector of Customer ServiceTracyDirector of Customer ServiceHeliHead of Internal AuditHeliHead of Internal AuditHere’s to our fantastic female leaders who havehelped us navigate through this challenging year.
CONTENTS1Financial Summary3Chairman's Report5Group CEO Report11Directors' Report15Corporate Governance Report33Environmental & Social Report59Report of the Remuneration Committee onDirectors’ Remuneration65Statement of Directors’ Responsibilities in respectof the Annual Report and the Financial Statements66Responsibility Statement as required by theTransparency Directive and U.K. CorporateGovernance Code67Independent auditor’s report to the members ofRyanair Holdings plc75Presentation of Financial & Certain Other Information76Cautionary Statement Regarding Forward-LookingInformation77Detailed Index80Key Information83Risk Factors102 Information on the Company127 Operating and Financial Review and Prospects129 Critical Accounting Policies139 Directors, Senior Management and Employees147 Major Shareholders and Related Party Transactions148 Financial Information152 Additional Information165 Quantitative and Qualitative Disclosuresabout Market Risk170 Controls and Procedures173 Consolidated Financial Statements236 Company Financial Statements242 Directors and Other Information243 Appendix
RYANAIR GROUPAnnual Report 2021Financial SummaryINCOME STATEMENTMAR 31, 2021MAR 31, 2020MAR 31, 2019 ’m ’m 2,7622,427Ex-Fuel Costs1,9324,6054,254Total Operating 9)67194894(22)(63)(1,015)649885MAR 31, 2021MAR 31, 2020MAR 31, 2019 ’m ’m ’mScheduled RevenueAncillary RevenueTotal RevenueFuelInterestHedge Ineffectiveness(Loss)/Profit Before TaxTax(Loss)/Profit After TaxBALANCE SHEETNon-Current Assets8,87010,2539,447Gross ent Liabilities3,5275,5084,097Non-Current Liabilities4,1544,3253,939Shareholder Current AssetsTotal AssetsTotal Liabilities & EquityNet Debt1
RYANAIR GROUPAnnual Report 2021Key Stats at a Glance (March 31, 2021):149m guests15,000 pre-Covid-19(27.5m FY21)Aviation Professionals200m p.a. by FY26Choice & Coverage2,000 86Daily flightsBasesService from225AirportsAcross EuropeUnrivaled Footprint96%On-timeperformanceOperates in3736 yearCountries 422 Boeing 737s 210 Gamechangers on order 29 A320s 87% unencumbered fleetB-CDPClimate Protection RatingSafetyrecord83g CO2 emissions pax/km(66g pre-Covid due tohigher load factor)BBB2S&P and FitchCredit Ratings
RYANAIR GROUPAnnual Report 2021CHAIRMAN’SREPORTI wish to personally thankour dedicated team of over15,000 aviation professionalsand my Board colleagues whoworked tirelessly throughoutthe past year to ensure thatthe Ryanair Group emergesstrongly from the Covid-19crisis.Dear Shareholder,Fiscal year 2021 (FY21) was the most challengingin Ryanair’s 36-year history. Covid-19 saw trafficcollapse, almost overnight, from 149m to just 27.5mas many European Governments imposed flightbans, travel restrictions and national lockdownsin an effort to combat the pandemic. This createdenormous disruptions and uncertainty for both ourcustomers and our people and led to significantchallenges for our industry.Highlights of FY21 include: Traffic fell 81% from 149m to 27.5m due toCovid-19 travel restrictions. Liquidity preservation prioritized with 3.15bncash at year end (March 31). Cost reductions implemented across all Groupairlines. Unprecedented backlog of Covid-19 customerrequests /refunds processed. Job losses minimized via engagement with ourpeople and their unions. B737-8200 “Gamechanger” firm order increasedto 210 aircraft (from 135).3 CDP awarded Ryanair a very strong (first time)“B-” climate protection score. Non-EU shareholder voting rights were restrictedpost Brexit.The Ryanair Group responded promptly, andeffectively, to the Covid-19 crisis by working hardto assist millions of customers with flight changes,refunds and changed travel plans. Cost reductionand cash preservation were prioritized with theGroup lowering cash burn, participating in EUGovernment payroll support schemes, cancellingshare buybacks and deferring non-essential capitalexpenditure. Thanks to our strong balance sheet, andBBB investment grade rating, the Group successfullyraised 1.95bn new finance (including 400m shareplacing, 850m Eurobond and 600m U.K. CCFF)throughout FY21. Additionally, following the releaseof full-year results in May, the Group issued 1.2bn,5-year unsecured, bonds at our lowest ever couponof 0.875%. This leaves the Group well positioned asit recovers operations this summer (thanks to thesuccessful European rollout of Covid-19 vaccines),
RYANAIR GROUPAnnual Report 2021and capitalizes on the many growth opportunitiesthat are available across Europe for our lowest cost/low fares model.Following over two years of delays, Ryanair tookdelivery of our first Boeing 737-8200 “Gamechanger”aircraft in June. This aircraft, which has 4% moreseats, delivers 16% less fuel burn and 40% lowernoise emissions, will enable the Ryanair Group togrow traffic to 200m p.a. within the next 5-yearswhile reducing our CO2 and noise footprint for thenext decade. In December, I travelled to WashingtonD.C. to sign a contract where the Group increasedits firm orders for the Gamechanger from 135 to210 aircraft - while securing further, modest, pricediscounts.ESG is a key focus area for the Board and Ryanair’snew Director of Sustainability briefs the Boardquarterly. In FY21 Ryanair received a (first time)“B-” industry leading climate protection rating fromindependent ratings agency CDP and announcedan ambitious goal to power 12.5% of flights withsustainable aviation fuels (SAF) by 2030. Throughoutthe Covid-19 crisis we minimized job losses throughagreed pay cuts (with pay restoration from years3 to 5 of multi-year agreements) and participationin Government job support schemes, while at thesame time keeping our pilots, cabin crew andaircraft current and ready to resume service oncenormality returns. Following my appointment asChairman in June 2020, I asked Róisín Brennan tobecome the non-executive director responsible forworkforce engagement. Róisín held a series of paneldiscussions with staff groups last year and updatesthe Board quarterly. Additionally, I appointed LouisePhelan as Senior Independent Director and refreshedthe Chairs and membership of the Nominations andRemuneration Committees.I wish to personally thank our dedicated team ofover 15,000 aviation professionals and my Boardcolleagues who worked tirelessly throughout thepast year to ensure that the Ryanair Airlines Groupemerges strongly from the Covid-19 crisis. As wehopefully return to more normal operations thissummer, we look forward to welcoming our guestsback onboard. Finally, I would like to thank you, ourshareholders, for your ongoing support.Yours sincerely,Stan McCarthyChairmanJuly 23, 20214
RYANAIR GROUPAnnual Report 2021CEOREPORTWe are pleased to present our AnnualReport for the year to March 31, 2021,a year during which our business wasdevastated by the Covid-19 pandemic,which posed an unprecedented crisisfor the world in general, but moreespecially for the airline industry,which was substantially grounded formuch of the past 12 months.We are all determined to ensure thatas our business and air travel recovers,we can continue to offer the lowest fares,with the most on-time flights, but now witha much reduced environmental impact.Dear Shareholder,We are pleased to present our Annual Report forthe year to March 31 2021, a year during which ourbusiness was devastated by the Covid-19 pandemic,which posed an unprecedented crisis for the world ingeneral, but more especially for the airline industry,which was substantially grounded for much of thepast 12 months.Covid-19 PandemicThe Covid-19 virus, which spread across Europefrom March 2020, had a profound and devastatingimpact on air travel last year. Without notice orwarning, our monthly traffic collapsed from 10.5min February 2020, to 5.7m in March, and then tojust 0.04m in April 2020, as many EU Governmentsgrounded flights and banned air travel. There wasa partial recovery in July, August and September2020 as initial lockdowns were eased, but a secondCovid wave across Europe in the Autumn, followedby a third wave in the Spring created enormous5challenges for our guests and our people, who facedconstantly changing Government guidelines, travelbans, and movement restrictions.The recent development of multiple Covid vaccinessince December 2020 offers the world, and the airlineindustry, real confidence that vaccination programswill enable intra-EU air travel and tourism to recoverstrongly during Summer 2021. If, as is presentlypredicted, most European adult populations willbe largely vaccinated by September 2021, then webelieve we can all look forward to a strong recoveryin air travel, jobs and tourism in the second half ofthe current fiscal year.Our Group responded promptly, and effectively,to this unprecedented crisis, which is the firstglobal pandemic we have suffered since thegrowth of mass market air travel after the SecondWorld War. Our first priority was to cancel flights
RYANAIR GROUPAnnual Report 2021and comply with health restrictions mandated byvarious EU Governments. Our second focus wasto reaccommodate passengers or provide themwith travel vouchers and refunds, even though thisproved to be a huge logistical challenge at a timewhen all our offices were closed due to Covidwork restrictions during the June quarter of 2020.When our offices reopened, we quickly increasedCustomer Service staffing to eliminate what was anunprecedented backlog of over 30m customer reaccommodation and refund requests. Over the last9 months, we have issued travel vouchers and cashrefunds worth over 1.5bn to our customers andtheir families whose travel plans were disrupted byCovid travel restrictions.Once we had spooled up to respond promptly andefficiently to customer service requests, we thenfocused on costs and our post-Covid recovery. Westarted with significant cuts to senior managementpay, and bonus payments were cancelled last year.We then negotiated modest but sensible pay cutswith our pilots, cabin crew and engineers across allour European bases, under which their basic pay wascut in Year 1 and Year 2, but will then be restoredin Years 3, 4 & 5 of multi-year pay agreements.These were very difficult discussions set againstan extraordinary background of cancelled flightsand rosters, with most of our pilots and cabin crewput on Government payment support or furloughschemes, and we are grateful to our people and theirunions for these practical and timely agreements,which were concluded to minimize job losses, andpave the way for a rapid recovery of our flights andschedules post Covid.During the year we focused on keeping our aircraft,our pilots and our cabin crew “current”, even if inmany cases this meant flying aircraft empty for shortperiods, to keep the engines and air frames movingregularly. We have rotated what flying we had acrossas many pilots and cabin crew as possible so thatthey could meet their currency requirements ofregular flight duties.Our teams have conducted detailed negotiationswith all our core suppliers of aircraft, engines,airports, handling, maintenance & engineering toadjust our cost base to reflect this unforeseencollapse in flights and traffic over the last year. Thesuccess of these discussions allowed our Groupto right size our cost base, demonstrated that ahuge majority of Ryanair’s costs are variable ratherthan “fixed” like many of our competitors whosurvive only because they received multibillion-europackages of State Aid.Looking forward into the post Covid recovery, wehave negotiated lower airport & handling costs andtraffic recovery incentives. We extended many ofour low-cost airport growth deals, most significantlyat our main bases including London Stansted,which now extends from 2024 until 2028. We havenegotiated a reasonable and fair compensationwith Boeing for the considerable delivery delays wesuffered to our B737 “Gamechanger” aircraft order.In December 2020, we increased this firm order from135 to 210 aircraft in return for a further modestdiscount in the price of these aircraft. These aircraftwill, we believe, further widen the cost gap betweenRyanair and all other airline competitors in Europefor the coming decade. Our negotiations with Boeing6
RYANAIR GROUPAnnual Report 2021for a follow-on MAX-10 order continue, and we hopeto conclude an agreement with our major aircraftsupplier before the end of the current year. The newBoeing “Gamechanger” aircraft deliver us 4% moreseats, but burn 16% less fuel, and reduce noise by40% & CO2 emissions by approximately 16%, so theyare our key to further unit cost reductions withinRyanair Group Airlines for the next decade.Prioritizing Customer ServiceAs we recover from Covid-19, restore our flights,rebuild our schedules, and welcome back our loyalcustomer base, we are determined to prioritize andcontinuously improve our Customer Service.While we wait impatiently for the vaccine rolloutacross Europe to gather pace and catch up with thevery successful Israeli and U.K. vaccine rollouts,there remains some uncertainty over the strengthand rate of air travel recovery into the late Summer of2021. We take some comfort from current forecaststhat most EU countries will vaccinate over 80% oftheir adult populations by the end of September, andwe hope this will lead to the removal of all intra-EUtravel restrictions, paving the way for a significantshort-haul traffic recovery during the peak months ofJuly, August and September.The Ryanair Group remains poised and ready torespond quickly to any improvements in demandpatterns, and we will flex our schedules sooner ratherthan later to respond to any changes in customerdemand and/or Government travel restrictions.We will emerge from this Covid-19 crisis with a lowercost base, a better business model, and with one of thestrongest balance sheets in the industry, which leavesus well positioned to capture further growth over thenext 5 years. We are absolutely committed to deliveringthis growth in a manner that prioritizes customerservice, environmental efficiency and rewards ourcustomers, our people and our shareholders for theirpatience and forbearance over the last year.7In recent years, our Customer Service has prioritizedthe key demands for lowest prices, on time flights, andease of access to travel services via our internet andmobile platforms. However, our collective Covid-19experience last year convinces us that we must workharder and faster to continuously improve CustomerService in all areas of our business services.Already during 2021, we have made it easier forcustomers to book with Ryanair Airlines by loweringair fares, cutting change fees to zero so that ifcustomer plans (or Covid regulations) change,then customers can change their bookings at ‘zero’cost. We opened a new Covid Help Centre wherecustomers can interact easily, both online and inperson, with our Covid Help Team who will respondpromptly and quickly to these customer requests.We have now automated all travel voucher issues,cutting our refund process from 7 days to just24 hours. We have increased and improvedcommunications with customers during flightdisruptions or flight cancellations. For the very smallminority of customers who make bookings throughunauthorized 3rd party screenscrapers, we haveestablished an online cash refund request form togive these consumers easy access to cash refundsand travel vouchers in cases where Ryanair is unableto communicate with them because 3rd party OnlineTravel Agents have given us fake customer contactand/or fake payment details.
RYANAIR GROUPAnnual Report 2021As we emerge out of the Covid-19 pandemic, wemust do more for our customers in addition tooffering them our lowest fares and the most on timeflights. This year, we invite all our customers to ratetheir trip within 24 hours of flying, and we have setup a Customer Panel, which will meet seasonally torecommend service improvements that we shouldimplement. We are improving our self-service Hubwith real time status updates for all customer claims,100% of customer queries will be tracked online, andwe commit that 95% of all queries will be answeredwithin 24 hours of being raised in the Hub.We plan to further streamline our refund processwith vouchers accelerated to issue within 24 hoursof flight cancellation and 95% of all cash refundrequests will be processed and paid within 5 workingdays (which is half of the current 10 day limit), andwe continue to streamline our customer verificationprocess so that those passengers who have beenduped or misled into booking through unauthorized3rd party agents, can apply for and obtain theirrefunds quickly and directly from the airline.We are working hard to improve our day of travelexperience. We will shortly rollout real time flightstatus, boarding gate and FastTrack updates to ourmobile app. We have a dedicated “Day of Travel”help team available to help customers during flightdisruptions, and we are improving our online accessto inflight shopping and pre-order services, so thateach customer can obtain the travel services theyneed, at the prices they love, as we improve notjust our Customer Service, but we transform ourpassenger experience.Improving Our EnvironmentAt Ryanair, we are committed to growing annual trafficfrom almost 150m (pre-Covid) to 200m customersp.a. over the next 5 years. We are determined to carrythese customers and their families in a way that notjust lowers the cost of air travel, but also reducestheir impact on the environment. At the heart ofRyanair’s environmental revolution will be our 22bninvestment in new technology aircraft, which willdeliver more seats per flight, with more leg room for8
RYANAIR GROUPAnnual Report 2021improved comfort, yet these aircraft burn 16% lessfuel, and will reduce noise emissions by 40%. We willmaintain our high load factors to ensure every flightmaximizes traffic, while minimizing per passengeremissions. We intend to cut our CO2 emissions perpassenger/km by 10% over the next decade, and weare committed to be plastic free onboard our aircraftduring the next 4 years. We were the first majorairline to publish our monthly CO2 emissions, evenwhile we paid over 630m in environmental taxes in2019, and with our voluntary carbon offset schemes,we are now supporting green partnerships in Ireland,Malawi, Portugal, Turkey and Uganda, all of whichinvest in reforestation programs, green technology,and improved climate action.Ryanair continues to work actively with the EuropeanCommission and fuel manufacturers to incentivizesustainable aviation fuel use. We are working withA4E and the EU Commission to accelerate reformof the Single European Sky, so we can eliminateATC delays, and thereby significantly reduceoil consumption and CO2 emissions. We haveestablished a new Sustainable Aviation ResearchCentre with Trinity College Dublin on a 4 year projectto accelerate the development of sustainable aviationfuels, so that as Ryanair grows with new technologyaircraft, we can further reduce fuel consumption andCO2 emissions through improved fuel technology.We have committed Ryanair airlines to a new goal topower 12.5% of flights with sustainable aviation fuelusage by 2030.9At Ryanair, we have demonstrated that we can growtraffic while reducing our impact on the environment.Every passenger that switches to Ryanair fromone of Europe’s legacy airlines is cutting their CO2emissions by up to 50% per journey. With our newaircraft, new engine technology, and sustainableaviation fuel investments, we are determinedto widen that gap. We have appointed our firstDirector of Sustainability, so that our ambitiousenvironmental goals are placed at the very centerof every management decision and each businessstrategy. We are delighted, honored and proud toreceive our first ever CPD Environmental score of“B-“ for climate protection, and we were rated an “A”for environmental corporate governance. We havecommitted to improving our climate protection scoreto at least an “A” over the next 2 years. Aviation hasa crucial role to play in improving both our mobilityand environment over the next decade, and Ryanairwill continue to lead environmental action fromairlines and aviation in Europe as we reach our goalof achieving zero net carbon by 2050.DiversityWe are very proud of the major strides our AirlineGroup has made in recent years in promoting diversityand inclusion within our Board, our managementteam, and our training and recruitment. We are proudthat 40% of the Group Board are female leaders,and over the last 12 months, more than 60% ofour promotions to middle and senior managementteams have been female. We are now developingand growing female leadership in all areas of theGroup, especially in airline safety, finance, customerservice, HR, ground operations, rostering, inflight,and in our pilot leadership teams.
RYANAIR GROUPAnnual Report 2021We are enhancing our workforce engagement inaddition to an extensive series of meetings andcontacts with our employees and their unions acrossall EU countries. We are developing Peer SupportGroups, new work life balance policies, to encourageour people to adopt a mix of working from home andfrom our offices, and we are continuing to refine andimprove our world class training and developmentfor aviation professionals. Our Group opened ournew 100m training centre in Dublin in addition toour training centres in Milan, London Stansted, EastMidlands and Frankfurt, and we hope these newtraining facilities, which include aircraft simulators,inflight and engineering training aircraft, will improvenot just the training but also the experience of newrecruits and promotees as they develop their careerswithin the Ryanair Group of Airlines.same time keeping our pilots, cabin crew andaircraft current and ready to resume service oncenormality returns. We expect a substantial returnto pre-Covid traffic volumes through the 2nd half of2021, and we look forward to returning to pre-Covidgrowth in Summer 2022 with the help of our newBoeing “Gamechanger” aircraft, new bases includingthose recently announced in Agadir, Billund, Riga,Stockholm, Turin, Zadar and Zagreb. We havecommitted ourselves to delivering this growth inan environmentally sustainable manner, whichreduces both fuel consumption and CO2 emissionsper passenger while, at the same time, improvingand extending Ryanair’s leading industry customerservice and customer experience.Gamechanger signing, Washington D.C. Dec. 2020.New state of the art Sim Center - DublinLooking to the FutureThere is no doubt that the airline industry in general,and the Ryanair Airline Group in particular, hassuffered a traumatic 12 months, during which ourbusiness, our schedules, our profits, our guests andour people have been devastated by the impact ofthe Covid-19 pandemic. Governments were rightto take urgent action to protect public health, butwe believe that the successful development androllout of vaccines will enable a return to pre-Covidnormality through the Summer and Autumn of 2021.The Ryanair Group of Airlines have worked hard lastyear to assist customers with refunds and changesof travel plans. We have striven to minimize joblosses through agreed pay cuts, and participatingin Government job support schemes, while at theWe are all determined to ensure that as our businessand air travel recovers, we can continue to offer thelowest fares, with the most on-time flights, but nowwith a much reduced environmental impact, and anever improving customer experience for the benefitof our 150m customers annually, our hard working15,000 aviation professionals, and also for ourshareholders, who have loyally supported us througha very difficult past 12 months, and I hope we can allnow look forward to better returns as our businessrecovers over the next years. We are all workinghard here in Ryanair to deliver on these exciting andambitious challenges.Yours sincerely,Michael O’LearyGroup CEOJuly 23, 202110
RYANAIR GROUPAnnual Report 2021DIRECTORS’REPORTThe Directors present their Annual Report and financial statements of Ryanair Holdings plc (“theCompany”), incorporated in the Republic of Ireland, and its subsidiaries (with the Company and thesubsidiaries being together “the Group”) for the year ended March 31, 2021.Review of business activities and future developments in the businessThe Company operates a low fares/low-cost, short-haul airline Group and plans to develop this activity by expandingits successful business model on new and existing routes. Information on the Company is set out on pages 102 to127. A review of the Company’s operations for the year is set out on pages 127 to 139.Results for the yearResults for the year are set out in the consolidated income statement starting on page 175.Principal risks and uncertaintiesDetails of the principal risks and uncertainties are on pages 83 to 101.Key performance indicatorsThe key performance indicators are set out on pages 82; 102 to 127; 127 to 139.Financial risk managementDetails of the Group’s financial risk management policies and exposures are set out in Note 13 on pages 200 to 217.Share capitalThe number of ordinary shares in issue at March 31, 2021 was 1,128,062,028 (2020: 1,089,181,737; and 2019:1,133,395,322). Details of the classes of shares in issue and the related rights and obligations are set out in Note16 on pages 221 to 223.Accounting recordsThe Directors believe that they have complied with the requirements of Section 281 to 285 of the Companies Act2014 with regard to adequate accounting records by employing financial personnel with appropriate expertise andby providing adequate resources to the financial function. The accounting records of the Company are maintainedat its registered office, Airside Business Park, Swords, Co. Dublin, K67 NY94, Ireland.Company informationThe Company was incorporated on August 23, 1996 with a registered number of 249885. It is domiciled in theRepublic of Ireland and has its registered offices at Ryanair, Dublin Office, Airside Business Park, Swords, Co. Dublin,K67 NY94, Ireland. It is a public limited company and operates under the laws of Ireland.PeopleAt March 31, 2021, the Company had a team of over 15,000 aviation professionals.11
RYANAIR GROUPAnnual Report 2021Substantial interests in share capitalDetails of substantial interests in the share capital of the Company, which represent over 3% of the issued sharecapital, are set out on page 147. At March 31, 2021 the free float in shares was 95.98%.Directors and Company SecretaryThe names of Directors who served throughout fiscal year 2021 are: Róisín Brennan; Michael Cawley; Emer Daly;Stan McCarthy; Howard Millar; Dick Milliken; Mike O’Brien; Michael O’Leary; Julie O’Neill; and Louise Phelan. DavidBonderman and Kyran McLaughlin retired from the Board on May 31, 2020.Juliusz Komorek served as Company Secretary. Details of the appointment and re-election of Directors are on page 17.Interests of Directors and Company SecretaryThe Directors who held office at March 31, 2021 had no interests other than those outlined in Note 20(d) on page229 in the shares of the Company or other Group companies.Directors’ and Senior Executives’ remunerationThe Company’s policy on Senior Executive remuneration is to reward its Executives competitively, but in the contextof a low-cost airline Group, having regard to the comparative marketplace in Europe, in order to ensure that they aremotivated to perform in the best interests of the shareholders. Details of remuneration paid to key managementpersonnel (defined as including each director, whether executive or otherwise, of the Group, as well as the Executiveteam reporting to the Board of Directors) is set out in Note 28 on page 235. Details of total remuneration paid to theDirectors is set out in Note 20 on page 227.Executive Director’s service contractIn February 2019, Michael O’Leary signed a 5-year contract as Group CEO, commencing on April 1, 2019, whichcommits him to the Company until July 31, 2024. Mr. O’Leary is subject to a covenant not to compete with theGroup within the EU for a period of two years after the termination of his employment. Mr. O’Leary’s employmentagreement does not contain
1 Financial Summary 3 Chairman's Report 5 Group CEO Report 11 Directors' Report 15 Corporate Governance Report 33 Environmental & Social Report 59 Report of the Remuneration Committee on Directors' Remuneration 65 Statement of Directors' Responsibilities in respect of the Annual Report and the Financial Statements 66 Responsibility Statement as required by the
