Institutional Shareholder Services has recommended the telco’s investors not re-elect Maxine Brenner because of “material failures” in oversight at the airline.
Telstra’s investors should vote against the re-election of Maxine Brenner to the telecommunication group’s board because of “material failures” in her oversight at Qantas, an influential proxy advisory firm has told clients.
In particular, ISS notes legal action launched by the Australian Competition and Consumer Commission over the airline selling tickets on cancelled flights, the High Court ruling on the illegal firing of 1700 workers during the pandemic and problematic pay practices..
“ISS recommended against [Ms Brenner’s re-election at Telstra] to flag to shareholders the issues. It’s about holding directors accountable for what happens,” he told. “Qantas is trading below $5 in spite of having just turned a record profit? Why is that? These are all governance issues that have caused that type of thing.”Mr Kolesnikoff said shareholders would ultimately decide what action to take, but acknowledged that “very few directors get kicked out at AGMs”.
“You need some big-name chairman to come in and stabilise, execute a succession plan and put the airline on the straight and narrow – time to buy the new planes and fix the customer issues.” Mr Kolesnikoff said ISS had recommended against former chief executive Alan Joyce’s remuneration for the past two years, including performance rights granted during the pandemic.
“This includes an appropriate approach around accountability and the board’s role in what has happened, and a plan to ensure this accountability remains in the future.”
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