Brazilian Airline Gol was ranked second among non-bank companies in "The Best Governed Major Latin Corporations 2008," a Latin American corporate governance study conducted by Spanish sustainability consulting group Management & Excellence (M&E).
According to the study, done in partnership with LatinFinance magazine, Gol uses 90.2% of the required positive corporate governance practices included in the analysis, compared to an average score of 62.34% by the 50 companies studied in the research. Gol is the only airline named in the M&E report.
The study analyzed how companies' corporate governance programs perform against 41 accepted standards of corporate governance used worldwide by both institutional and private investors. The report speaks to the Brazilian market's strong emphasis on corporate governance, as 18 of the first 25 companies are based in Brazil.
"Recognition as having one of the best corporate governance programs among all Latin American companies is proof that the Company remains committed to transparency and equality among all shareholders and the public," says Constantino de Oliveira Junior, Gol Linhas Aereas Inteligentes' CEO.
The company is listed on the Bovespa and New York Stock Exchange since 2004. The airline's corporate governance committee is charged with monitoring the company's internal procedures and advising the Board of Directors on "best practices" in both the Brazilian and global aviation industries.
Two New Boeings
Varig, a Gol subsidiary, will be leasing two Boeing 737-700 aircraft for a period of seven years. The airline is expected to take delivery of the aircraft by the end of July. Terms of the two new leases were not disclosed. The two aircraft were previously on lease to Aloha Airlines.
Commenting on the transaction, John McMahon, chief executive officer of Genesis Lease, the leasing company, said, "The speed with which we were able to re-lease these aircraft is a good example of the global market's continued strong appetite for latest generation fuel efficient aircraft and the strength of Genesis's business model.
"Following Aloha's bankruptcy filing; we took possession of the aircraft and secured attractive long-term lease agreements at rates in excess of the previous contracts. In a high priced fuel environment, airlines are increasingly focused on the attraction of modern fuel efficient aircraft."