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Published on : Friday, June 19, 2015
SITA, the world’s leading specialist in air transport communications and IT solutions which is 100 percent owned by the air transport community, today announced 2014 revenues of US$1.7 billion. This consolidated group revenue, a rise of 4.3 percent from 2013, continues the organization on its growth trajectory.
The results, confirmed at SITA’s Annual General Assembly (AGA), show the company’s solid business performance and growth. These were enhanced by strong sales performance, a sound cash balance, a low level of debt and continued favorable customer feedback and loyalty scores highlighting the focus SITA places on its community and customers.
Francesco Violante, CEO of SITA, said: “SITA is stronger due to our long-term strategic vision and the investments made in recent years. We have made advances in the critical areas of portfolio developments, service excellence and collaborative innovation with our members and the wider air transport community. SITA continues to invest in our operations, service quality and our people, which together position us to reach our strategic 2020 vision.”
In addition, the SITA AGA approved a number of changes to SITA’s governance to build on the company’s success and position it well for the future. These changes follow a comprehensive review by a special Governance Review Committee (GRC), formed following the June 2014 AGA, composed of 13 SITA Council Representatives and Board Directors led by Council President Jappe Blaauw from KLM.
This review of the effectiveness of SITA’s governance was provided for in 2011 when Members unanimously supported recommendations to retain SITA’s air transport community ownership, strengthen the company’s hybrid cooperative-commercial model and create the SITA Council. The two-tier governance structure of the SITA Council and Board was one of the main questions explored in the 2014 review.
The review found that the principle of the two-tier structure was fundamentally sound and appropriate for the needs of the SITA membership. However, a number of refinements were proposed. Highlights of the approved recommended changes include strengthening the powers of the 34 member SITA Council on matters concerning SITA’s structure and strategy, major transactions and substantive membership issues. The composition of the Board was also refined allowing for up to 11 Directors affiliated with Member companies – an increase from the previous 10. The maximum number of Other Directors was reduced to two from the previous four. Greater transparency over changes in SITA leadership and the specifics of Board and Council nomination and representation as well as streamlining the AGA process were also approved.