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Governance at Air Europa

INSTITUTIONAL AND ORGANIZATIONAL INFORMATION

Corporate Governance

Corporate governance is essential to ensure integrity across all our operations. At Air Europa, part of the Globalia Group, we strive to implement and maintain best governance practices to promote efficient and ethical management.

The governance model is a sensitive task that requires constant updates and improvements to all mechanisms and bodies which, with proper design, can significantly enhance Air Europa’s strategy and results.

Corporate governance at Air Europa has become a central part of our corporate strategy. The current and future context of the organization — from the perspective of our purpose, Strategic Plan, and Sustainability (ESG) commitments — makes it necessary to redefine our approach to Corporate Governance.

Our governance structure is designed to promote effective and accountable decision-making. Air Europa’s Chairman performs executive duties alongside the CEO. In addition to the general and sector-specific external regulations applicable to the company, Air Europa’s governing and management bodies are governed by a set of internal rules and principles that ensure the proper functioning of the company.

  • Bylaws.
  • Internal Corporate Governance Rules.
  • Vision and Values.
  • Code of Ethics and Conduct.
  • Corporate Policies.
  • Other codes, processes, and internal procedures required or recommended by sectoral regulations.

At the same time, ensuring Air Europa’s success in the short, medium, and long term also requires a strong commitment from its leaders to reinforce a culture of compliance that has been followed over the years. Therefore, Air Europa’s management model consists of a set of policies, processes, procedures, and guidelines — including several integrated systems — aligned with international management standards:

  • ISO 9001 – Quality Management System
  • ISO 14001 – Environmental Management System
  • UNE 19601- Criminal Compliance Management Systems
  • UNE 19602- Tax Compliance Management System
  • EMAS Regulation (Eco-Management and Audit Scheme)
  • ISO 27001 – Information Security Management System
  • ISO 37001 – Anti-Bribery Management System
  • ISO 45001 – Occupational Health and Safety Management System (formerly OHSAS 18001)
  • IOSA (IATA Operational Safety Audit)
  • In addition, since 2007, Air Europa has undergone an annual audit verifying its Greenhouse Gas Emissions.

Governing Bodies:

  • Sovereign governing body of the company, composed of its shareholders at any given time.
  • Board of Directors

General Shareholders’ Meeting:The company's highest governing body, comprising its shareholders at any given time.

The company's highest governing body, comprising its shareholders at any given time.

This body is responsible for the governance and management of the company by approving the corporate strategy and general policies, as well as overseeing and considering matters of particular significance to the company and of special relevance to its stakeholders.

Its functions and responsibilities include those required under the Spanish Companies Act and all other applicable regulations. Among other duties, it is responsible for defining and overseeing the implementation of the company's business strategy, ensuring alignment with its long-term objectives.

It must also ensure compliance with transparency standards by providing appropriate reporting on environmental, social and governance (ESG) matters, oversee the activities of senior management, evaluate its performance and ensure that established policies and objectives are followed. In addition, it is responsible for overseeing the company's risk management system to ensure that potential risks are properly identified, assessed and managed, while also ensuring compliance with all applicable laws, regulations and the company's ethical principles and standards of conduct.

The Board is composed of five members and a non-director Secretary. It delegates the day-to-day management of the company to the Chief Executive Officer (CEO) and the Executive Committee.

Executive Chairman
Juan José Hidalgo

Juan José Hidalgo Acera is the Chairman of Globalia, the group to which Air Europa belongs, and also serves as a Director of the aforementioned companies. He undertook his first project in the transport sector at the age of 19, after emigrating to Switzerland. In 1972, he chartered his first passenger plane to Zurich to transport Spanish emigrants. In 1991, a group of investors led by Hidalgo acquired the airline Air Europa, which began operating scheduled domestic flights in 1993, thereby breaking the existing monopoly in Spain. Among the numerous awards and honors he has received, the Gold Medal for Merit at Work, granted by the Council of Ministers in 2006, stands out.

CEO
Richard Clark

He joined the Interline department in 1987 and three years later moved to Operations, where he was responsible for daily operations and flight planning. He took on the role of Commercial Director in 1992, just a year before the start of regular domestic flights. For 24 years, he successfully led the Commercial, Planning and Development, and Deputy Commercial General Management departments. In 2016, he was appointed Deputy General Director of Air Europa, a position he held for five years before assuming the role of General Director in 2021.

Non-Executive Director
María José Hidalgo

Her professional career has taken place in the Tourism and Aviation sector. She joined Air Europa in 1991, when a group of Spanish investors led by Juan José Hidalgo acquired the company. In 1996, she assumed the position of Deputy to the General Manager, and in 2003 she was appointed General Manager of the airline. Currently, María José Hidalgo serves as a Director of Globalia and Air Europa. In addition, she has been a member of the Advisory Board of Turespaña, the Tourism and Cultural Foundation of the Balearic Islands (Fundatur), and the Executive Council of Exceltur, the Alliance for Tourism Excellence. She has also been part of the Governing Board of the International Air Transport Association (IATA).

Board Secretary
Ramiro Campos

He holds a Law degree from the University of the Basque Country and a Master’s in Legal Consultancy from the Instituto de Empresa. He joined the Globalia Group as Head of Legal Affairs at Viajes Ecuador in 2001 and became part of the Group’s legal team in 2003. Later, in 2009, he was appointed Director of Globalia’s Legal Services, a position he currently holds. In addition, he serves as Non-Director Secretary of both the Globalia Board of Directors and the Air Europa Board.

CEO
Richard Clark

Dir. Handling y Planificación
David Fuster

Director Mantenimiento
Pedro Macías

Dir. Finanzas y Administración
Isabel Vives

Dir. Comercial y Ventas
Imanol Pérez
 

Director de Sistemas
Victor Herrero

 

ECONOMIC INFORMATION

Financial Information

Download the Annual Accounts Audit Report here.

 Report 2022 *

*Published July 2023


 Report 2023 *

*Published July 2024


 Report 2024 *

*Published September 2025


  Report 2025  *

*Published April 2026

One of the actions with the greatest sustainability impact within the Ecological Transition Plan was the fleet unification, completed in July 2023. This unification was achieved in part thanks to the strategic agreement reached in 2022 with Boeing and two of the most important lessors in the market. Together with the early termination of certain Embraer 195 aircraft lease contracts, this made it possible to operate an exclusively Boeing fleet, covering both short/medium and long-haul routes. These agreements have enabled the incorporation of new Boeing 787 Dreamliner and 737 MAX aircraft. In May 2025, Air Europa added its first 737 MAX unit to the fleet, becoming the first Spanish airline to operate this aircraft — the most advanced in its category for short- and medium-haul flights. Following the aircraft delivered in May, three more will arrive this year, and another sixteen between 2026 and early 2028.

The use of far more efficient models such as the Dreamliner — which consumes 20% less fuel than comparable aircraft — as well as other initiatives implemented under the ETP, including techniques like engine washing or the use of artificial intelligence for optimal route calculation and cargo management, are helping to reduce fuel investment and, consequently, emissions.

Additionally, the company remains committed to the environment and sustainability by reducing paper use across its operations, employing recyclable materials for meal services and amenities, and applying circular economy principles in its processes. It is also working toward the progressive incorporation of Sustainable Aviation Fuel (SAF) to meet the decarbonization targets set for the sector.

For more detailed information, please consult:

  • The Sustainability Report, which outlines the actions carried out.

  • The Environmental Statement, which provides information on the company’s environmental performance throughout the year and highlights best practices in environmental management.

ETHICS AND COMPLIANCE

The Ethical Code is a tool that enables us to unify and strengthen, across each and every company and professional that make up Globalia—of which Air Europa is a part—a single way of acting, based on principles and conduct guidelines designed to ensure ethical and responsible behavior.

The document sets out the principles and values that, within the current context, guide our actions and decisions, promoting ethical conduct and respect for sustainable development across all areas of our operations.

The Ethical Code takes into account widely recognized good-governance recommendations in international markets and the principles of sustainable development, serving as a fundamental reference for their monitoring and compliance.

It also responds to the preventive obligations established in the area of corporate criminal liability. It reflects our commitment to the principles of business ethics and transparency in all fields of activity, establishing a set of principles and conduct guidelines aimed at ensuring the ethical and responsible behavior of all directors, professionals, and suppliers.

Alongside the above ethical framework, the Suppliers’ Ethical Code stands out, articulating the ethical principles and values that must govern the actions of suppliers, contractors, and subcontractors.

The Compliance Management System (hereinafter, the System or CMS) of Globalia, of which Air Europa is a part, represents a fundamental effort by our organization to establish an ethical, diligent, and legally responsible framework for action. In an increasingly regulated aeronautical business environment, and given the pressing need to prevent criminal behavior within corporations, this program stands as a key tool to ensure regulatory compliance in criminal matters in general, and in the prevention of corruption and bribery in particular.

The adoption of the Compliance Management System demonstrates the organization’s commitment to integrity, ethics, good governance, and transparency in all its operations.

The System is designed to serve as a practical and detailed guide to help all members of the organization identify and manage criminal risks faced by the company, as well as to implement best practices in crime prevention, with bribery and corruption being among the main risks any company may face.

This new framework ensures that all company operations and decisions are carried out with integrity and transparency, in line with corporate values and in strict compliance with the laws and regulations governing its activities, particularly in the aviation sector.

The Criminal Compliance Policy and the Anti-Corruption Policy are two of the compliance policies that make up the System. Their purpose is to prevent, detect, and manage legal and reputational risks of non-compliance, thereby ensuring the organization’s sustainability and sound corporate governance. Furthermore, the System seeks to strengthen the trust of shareholders, customers, employees, and other stakeholders in the company’s ethical and responsible management.

In addition, the System incorporates the Globalia Group Tax Compliance Policy as a cross-functional policy applicable throughout the Group, making it an essential element for the proper identification, prevention, management and monitoring of tax risks. This policy reinforces the Group’s commitment to full compliance with its tax obligations, transparency, good faith and cooperation with the tax authorities. It is particularly relevant within the framework of UNE 19602, as it serves as a fundamental reference for structuring the Tax Compliance Management System, assigning responsibilities, establishing internal controls and promoting a responsible tax culture across all companies and business areas with a tax impact.

Like the Code of Ethics, the various compliance policies in place are mandatory for all members of the organisation, as well as for any third parties acting on its behalf or representing it. Together, they constitute the cornerstone upon which the Compliance Management System is built.

In line with the applicable regulations, the Compliance Management System (CMS) is aligned with the highest national and international standards for combating corruption, fraud and any other form of unlawful conduct. In this regard, it is worth highlighting the achievement in 2026 of the UNE 19601 (Criminal Compliance Management Systems) and ISO 37001 (Anti-Bribery Management Systems) certifications. Through this programme, the organisation demonstrates its commitment to fostering a culture of compliance that permeates all hierarchical and operational levels, thereby safeguarding the long-term sustainability and reputation of the business. The CMS therefore reflects our unwavering commitment to operating in full compliance with applicable laws, regulations and recognised best business practices, as well as our willingness to be assessed and audited against these standards in pursuit of responsible corporate governance. As such, it lies at the heart of our strategy for the prevention of criminal risks.

Globalia has established a compliance management structure consisting of a Compliance Committee for each of the divisions that make up the Group. Accordingly, the Air Europa Compliance Committee is responsible, within the Airline Division, for promoting and making decisions related to compliance with the values and standards of conduct set out in the Code of Ethics. In addition, the various Compliance Committees are responsible for the implementation, oversight, monitoring and continuous improvement of the Compliance Management System.

All Compliance Committees report to their respective governing bodies under the supervision of the Compliance Officer, who reports directly to the governing body of the Group’s parent company.

Air Europa has an Internal Information and Whistleblower Protection System (SII), which includes the SII Policy (published on our website), in accordance with the provisions of Law 2/2023 of 20 February, regulating the protection of individuals who report regulatory breaches and the fight against corruption.

This Policy and the Ethics Channel are essential to maintaining the consistency and trust of our stakeholders, and they are reviewed periodically to ensure their effectiveness and relevance.

The basic principles of action underpinning the SII are: regulatory compliance, independence and impartiality, transparency and accessibility, traceability and security, confidentiality and anonymity, discretion, due diligence and promptness, good faith, respect, and protection of individuals against any potential retaliation.

The SII ensures the adoption of appropriate measures to safeguard the right to protection of the dignity and privacy of the individuals concerned, as well as respect for fundamental rights.

The SII establishes an Ethics Channel accessible through the corporate website, enabling our employees, customers and other stakeholders to report any irregularities and ethical concerns in a secure manner.

The System consists of a comprehensive set of compliance policies, procedures, documents and annexes that govern its operation and ensure effective risk management. In addition to those already mentioned (Code of Ethics, Supplier Code of Ethics, Criminal Compliance Policy and Anti-Corruption Policy), our main compliance policies include:

  • Sponsorships and Donations Policy.
  • Gifts and Hospitality Policy.
  • Conflict of Interest Management Policy.
  • Anti-Money Laundering Prevention Policy.
  • Tax Transparency Policy