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Accounts and transactions with related parties | 12 Months Ended
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Dec. 31, 2024
Disclosure of transactions between related parties [abstract] |
Accounts and transactions with related parties | 23. Accounts and transactions with related parties
| 2024 |  | 2023
Accounts receivable - |  |  |
Banco General, S.A. | $ | 2,838 |  |  | $ | 2,408 |
Panama Air Cargo Terminal | 138 |  |  | 119 |
| $ | 2,976 |  |  | $ | 2,527 |
Accounts payable - |  |  |
Assa Compañía de Seguros, S.A. | 686 |  |  | 496 |
Desarrollos Inmobiliarios del Este, S.A. | 31 |  |  | 19 |
Panama Air Cargo Terminal | 560 |  |  | 658 |
Galindo, Arias & López | 330 |  |  | 24 |
Motta Internacional, S.A. | 11 |  |  | 13 |
GBM International, Inc. | 6 |  |  | 5 |
Global Brands, S.A. | — |  |  | 13 |
| $ | 1,624 |  |  | $ | 1,228 |
Transactions with related parties for the year ended December 31 are as follows:
Related party |  | Transaction |  | Amount of transaction 2024 |  | Amount of transaction 2023 |  | Amount of transaction 2022
ASSA Compañía de Seguros, S.A. |  | Insurance |  | 13,247 |  |  | 12,116 |  |  | 10,157 |
Desarrollo Inmobiliario del Este, S.A. |  | Property leasing |  | 3,382 |  |  | 3,564 |  |  | 2,989 |
Profuturo Administradora de Fondos de Pensión y Cesantía |  | Payments |  | 4,875 |  |  | 4,572 |  |  | 3,911 |
Panama Air Cargo Terminal |  | Handling |  | 3,509 |  |  | 3,889 |  |  | 4,116 |
Motta International |  | Purchase |  | 1,199 |  |  | 1,013 |  |  | 812 |
Galindo, Arias & López |  | Legal services |  | 395 |  |  | 407 |  |  | 530 |
GBM International, Inc. |  | Technological support |  | 73 |  |  | 51 |  |  | 50 |
Global Brands, S.A. |  | Purchase |  | 2 |  |  | 83 |  |  | 60 |
Banco General, S.A. |  | Interest income,net |  | $ | (3,710) |  |  | $ | (2,368) |  |  | $ | (829) |
Banco General, S.A.: some members of the Company’s Board of Directors are also board members of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensión y Cesantía S.A., which manages the Company’s reserves for pension purposes. As of December 31, 2024 the Company has interest receivable by $2.7 million (2023: $1.8 million) due to short and long term time deposits in this financial institution. Also Banco General is a non air partner of Copa’s loyalty program “ConnectMiles”. During, 2024 the Company sold miles to Banco General for $28.9 million (2023: $24.9 million, 2022: $18.9 million). ASSA Compañía de Seguros, S. A.: An insurance company that provides substantially all of the Company’s insurance policies. While the Company’s controlling shareholders do not hold a controlling equity interest in ASSA Compañía de Seguros, S. A., various members of the Company’s Board of Directors are also board members of ASSA Compañía de Seguros, S. A. Desarrollo Inmobiliario del Este, S. A.: The Company leases four floors consisting of approximately 105,981 square feet of the building from Desarrollo Inmobiliario, an entity controlled by the same group of investors that controls Corporación de Inversiones Aéreas, S. A. (“CIASA”). CIASA owns 100% of the class B shares of the Company. This contract is a lease under IFRS 16. Panama Air Cargo Terminal: Provides cargo and courier services in Panama, an entity controlled by the same group of investors that controls CIASA. Motta Internacional, S.A. & Global Brands, S. A.: The Company purchases most of the alcohol and other beverages served on its aircraft from Motta Internacional, S. A. and Global Brands, S. A., both of which are controlled by the Company’s controlling shareholders. Galindo, Arias & López: Certain partners of Galindo, Arias & López (a law firm) are indirect shareholders of CIASA. GBM International, Inc.: Provides systems integration and computer services, as well as technical services and enterprise management. A member of the Company’s Board of Directors is shareholder of GBM International, Inc. Televisora Nacional, S.A.: This Panamanian television channel provides broadcasting services. A member of the Company’s Board of Directors is a shareholder of Televisora Nacional, S. A. Compensation of key management personnel Key management personnel compensation is as follows:
| 2024 |  | 2023 |  | 2022
Short-term employee benefits | $ | 5,221 |  |  | $ | 4,975 |  |  | $ | 2,901 |
Post-employment pension | 100 |  |  | 96 |  |  | 56 |
Share-based payments | 2,748 |  |  | 1,548 |  |  | 318 |
| $ | 8,069 |  |  | $ | 6,619 |  |  | $ | 3,275 |
The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a non-compete agreement for $3.1 million established in 2006 (see note 21).

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