We believe that a strong governance framework creates a robust and responsive state for the business. Our leadership team have a duty of care and are committed to achieving the highest standards of corporate governance, thereby providing all stakeholders with transparency and assurance.
We aim to be transparent for our stakeholders on the impact of our activities on the environment and how we are responding. The Wheels Up Board has oversight of the application of standards of corporate governance that are appropriate to the Group's size, profile and circumstances and which emphasize the value of good corporate governance to the sustainable growth of the Group.
As part of this high standard of corporate governance, The Board receives regular updates on the initiatives that we undertake to comply and develop our environment strategy and commits to disclosing details of the strategy year on year in the Annual Report and Accounts.
During these regular progress reports provided to the Board, there is also opportunity to fully comprehend and where necessary challenge the initiatives taken.
The Wheels Up Board completes a robust assessment of the Company's emerging and principal risks. This assessment is formed from the information provided by the Risk and Compliance Committee who provide an oversight of all business risks including those arising from conduct within the organization.
The risk management processes adopted by the Committee include a robust structure which breaks down into the following categories, each of which is populated with unique information: - Hazard description, harmful events, causation factors, risk mitigation and controls, risk exposure categorization, losses / harms and impacts. - The process then requires management system responses and corrective action recommendations to be made. - The responses are reviewed by the Senior Leadership Team to ensure they are satisfied.
The Risk and Compliance Committee includes representation from all businesses and support functions. The Committee meets once each month and members are direct reports or team members of Air Partner’s Senior Leadership Team with influence over, and knowledge of, their area of the business and the risks that may arise. The main function of the Committee is to define and propose to the Senior Leadership Team a risk management and compliance strategy and prioritize mitigation actions, taking into account (a) risks identified and their likelihood and impact and (b) resources and tools at Air Partner's disposal to mitigate any risks. Such risks include environmental / climate-related - A risk register and records of near misses and losses are updated by the risk owner who also proposes mitigation solutions to risks to the Senior Leadership Team - The Committee, via its chair, will report on its activities, proposed actions and recommendations to the Senior Leadership Team, for final approval, and, to Air Partner’s Board as relevant.
