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Annual report and accounts 2016

152 34 Related party

152 34 Related party transactions continued During the year to December 31, 2016 British Airways met certain costs of administering its retirement benefit plans, including the provision of support services to the Trustees. Costs borne on behalf of the retirement benefit plans amounted to €7 million (2015: €7 million) in relation to the costs of the Pension Protection Fund levy. The Group has transactions with related parties that are conducted in the normal course of the airline business, which include the provision of airline and related services. All such transactions are carried out on an arm’s length basis. For the year to December 31, 2016, the Group has not made any provision for doubtful debts arising relating to amounts owed by related parties (2015: nil). Significant shareholders In this instance, significant shareholders are those parties who have the power to participate in the financial and operating policy decisions of the Group, as a result of their shareholdings in the Group, but who do not have control over these policies. On July 29, 2016, Qatar Airways (Q.C.S.C.) increased its shareholding in IAG to 20.01 per cent (2015: 9.99 per cent). On February 13, 2017 Deutsche Bank AG notified the Spanish National Securities Market Commission (CNMV) of the acquisition of a shareholding of 3.061 per cent. At December 31, 2016 the Group had cash deposit balances with shareholders holding a participation of between 3 to 5 per cent, of €189 million (2015: €48 million). Board of Directors and Management Committee remuneration Compensation received by the Group’s Board of Directors and Management Committee, in 2016 and 2015 is as follows: € million December 31, 2016 December 31, 2015 Base salary, fees and benefits Board of Directors’ remuneration 7 15 Management Committee remuneration 10 22 17 37 The Board of Directors includes remuneration for two Executive Directors (2015: two Executive Directors). The Management Committee includes remuneration for nine members (2015: nine members). The Company provides life insurance for all Executive Directors and the Management Committee. For the year to December 31, 2016 the Company’s obligation was €44,000 (2015: €72,000). At December 31, 2016 the transfer value of accrued pensions covered under defined benefit obligation schemes, relating to the Management Committee totalled €4 million (2015: €9 million). No loans or credit transactions were outstanding with Directors or officers of the Group at December 31, 2016 (2015: nil). In relation to Article 229 of the Spanish Companies Act, all IAG Directors have confirmed that they have no conflict with the Company’s interests. INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2016

Spanish corporate governance report According to the provisions of Article 540 of the Spanish Companies Act, the Company presents the Spanish Corporate Governance Report, which provides a detailed explanation of the structure of its governance and its operation. This report has been prepared following the form established by the Comisión Nacional del Mercado de Valores for this purpose. In this section 154 A Ownership structure 159 B Shareholders’ meeting 160 C Company management structure 188 D Related–party and intragroup transactions 190 E Risk control and management systems 194 F Internal Control over Financial Reporting (ICFR) 202 G Degree of compliance with Corporate governance recommendations 211 H Other information of interest

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