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
Confirmed incidents of corruption
Fair competition
Conflict of interest management
Responsibility for administering the ethics framework lies with the Ethics Committee , comprising the Chief Financial Officer, the Executive Director for Government Relations, the General Manager People and Performance, the Head of Legal and the Ethics and Compliance Manager , with oversight by the Chief Executive Officer, the Audit Committee and ultimately the Supervisory Board. All employees are required to complete ethics and compliance training and to formally acknowledge that they have read, understood and will abide by the Code, with periodic re-certification. Concerns may be raised confidentially , and, where preferred, anonymously , through a 24-hour Ethics Line operated by an independent provider, as well as through line management; the company's whistleblower protection framework is described in section 5.3. Oversight, training and reporting channels
A formal whistleblower protection framework, aligned with the National Whistleblower Protection Act, ensures that employees can safely and confidentially report suspected wrongdoing without fear of retaliation. Clear guidance is provided through the Whistleblower Policy and Notice on reporting channels, confidentiality safeguards and available protections. The application and effectiveness of this mechanism are tracked on an ongoing basis; in 2025, no whistleblowing cases were reported, indicating both the stability of internal governance processes and the absence of formally raised concerns requiring investigation.
Air Serbia is committed to full compliance with applicable competition laws in every market in which it operates. Employees are prohibited from engaging in conduct that prevents, restricts or
In 2025, Air Serbia recorded zero confirmed incidents of corruption. No employees were dismissed or disciplined for corruption, and no contracts with business partners were terminated or not renewed due to corruption-related violations. No public legal cases regarding corruption were brought against the company or its employees during the reporting period.
distorts competition, or from sharing commercially sensitive information with
competitors or suppliers in a way that would hinder free competition. Competitive intelligence may be gathered only from legitimate, publicly available sources, and never through espionage, misrepresentation or the misuse of confidential information.
Sustainability Report 35
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