Governance
Introduction
CEO letter
Air SERBIA’s Story
Air Serbia in 2025 - year in review
Materiality analysis and stakeholder engagement
Environment
Economic value and connectivity
Social
Appendix
At its founding meeting, the Committee defined its key priorities for the period ahead, including the preparation of this Annual Sustainability Report for 2025, strengthening cross-departmental cooperation, preparing the company for new regulatory requirements in the field of sustainability, and launching initiatives aimed at improving environmental performance and social responsibility. By bringing together decision-makers from finance, operations, human resources, legal, strategy and marketing, the Committee ensures that sustainability is governed at the highest level of the company and reflected in its strategic priorities.
Sustainable Development Policy In 2025, Air Serbia adopted a Sustainable Development Policy, formalizing the company's commitment to sustainable business practices and responsible resource management. The Policy reflects Air Serbia's recognition of the importance of protecting the environment, strengthening social responsibility and upholding the highest standards of ethical and transparent governance. Through the Policy, the company commits to implementing environmental, social and governance (ESG) initiatives that create long-term value for its employees, passengers and the wider community, and to reporting transparently on its progress. The adoption of the Policy provides a formal framework that guides Air Serbia's sustainability priorities and reinforces accountability across the organization.
Communication of critical concerns
Air Serbia maintains established channels through which critical concerns , including critical impacts on the economy, the environment and people, as well as other significant operational, financial, legal and regulatory matters , are escalated to the highest governance bodies. Such concerns are identified through operational reporting, risk management, internal control and the company's integrity mechanisms, including its whistleblower and ethics reporting channels described in section 5.3. As a matter of regular practice, critical concerns are communicated and reviewed twice weekly at the management meeting of the extended executive team, ensuring that emerging issues receive prompt senior-level attention. Matters of greater importance are escalated to the Executive Board and, where warranted, to the Supervisory Board, to which the Executive Board reports at quarterly meetings and additional sessions when circumstances require. As Air Serbia's sustainability governance framework was formalized in 2025 with the establishment of the Sustainability Committee, a dedicated process for evaluating the performance of the highest governing body in overseeing the management of the company's economic, environmental and social impacts has not yet been implemented. The company recognizes the importance of such evaluation and intends to develop and formalize this process as its sustainability governance matures, building on the structures established during the reporting period. Evaluation of governing body performance
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