Investors express their expectations for the Qantas board to address executive pay while the airline fights claims of misleading customers. HESTA, one of the airline's major investors, emphasizes the need for Qantas to regain trust and strike a balance between stakeholders. Concerns are raised regarding the remuneration paid to former CEO Alan Joyce.
Investors say they expect the Qantas board to act on executive pay despite the airline revealing plans to fight the competition watchdog ’s claims it misled and deceived customers,One of the airline’s biggest superannuation investors, HESTA , warned the “board and management has a long road to walk to regain trust and confidence of stakeholders including investors”.
“We note that the short-term incentives for the financial year 2023 period remain outstanding, and we encourage the board to reflect on the potential detriment to the long-term value of the company when finalising these.”due to be paid to Mr Joyce until the outcome of legal proceedings with the ACCC was made clear.
Dean Paatsch, of influential proxy advisory firm Ownership Matters, said the airline’s board rejected every claim made by the ACCC “because the final bonus outcomes are all linked to defending every single point”. But Andrew Paull, a partner at Echo Law, which has launched legal action against Qantas on behalf of customers who were not refunded when their flights were cancelled, was not convinced by that argument.
Qantas Executive Pay Competition Watchdog Misled Customers Investors HESTA Trust Stakeholders ACCC Claim Remuneration Alan Joyce
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