The directors present their Report and Accounts for the year ended March 31, 2008. The accounts are set out in the Financial statements section.
Principal activities
The main activities of British Airways Plc and its subsidiary undertakings are the operation of international and domestic scheduled air services for the carriage of passengers, freight and mail and the provision of ancillary services.
Results for the year
Profit for the year attributable to members of British Airways Plc amounted to £680 million, against a profit on the same basis of £290 million in the previous year.
Business review
The Companies Act 1985 and the Disclosure and Transparency Rules of the UK Listing Authority (DTRs) require the Company to include a business review in its Directors’ report as per section 234ZZB of the Companies Act 1985 and DTR 4.1.8. The information that fulfils the business review can be found in the following sections of the annual report which are incorporated into this report by cross reference:
- Chief Financial Officer’s statement;
- Business review;
- Corporate responsibility; and
- Corporate governance statement.
The Board of directors
The names and details of the directors who served during the year are set out in the Board of directors section and form part of this Directors’ report.
Directors’ interests
A statement of the interests in shares of the Company (or derivatives or any other financial instruments relating to those shares) of each director (including the interests of their connected persons of which the Company is aware) as at March 31, 2008 and any changes in those interests from that date until the date of this report can be found in the Remuneration report and form part of this Directors’ report.
Directors’ and officers’ liability insurance
The Company has purchased insurance against directors’ and officers’ liability as permitted by the Companies Act 1985 and Companies Act 2006 for the benefit of the directors and officers of the Company and its subsidiaries.
The Company has granted rolling indemnities to the directors and the Secretary, uncapped in amount but subject to applicable law, in relation to certain losses and liabilities which they may incur in the course of acting as officers of companies within the Group. These indemnities also set out the terms on which the Company may, in its discretion, advance defence costs. A specimen indemnity is available for view on the Company’s investor relations website, bashares.com by clicking on the heading Corporate Governance.