Qantas’ shareholders are waiting for the release of the company’s annual report, which will reveal the final compensation package paid to the airline’s former chief executive Alan Joyce.
Qantas’ shareholders are waiting for the release of the company’s annual report, which will reveal the final compensation package paid to the airline’s former chief executive, Alan Joyce.
Qantas has been reeling from a $570 million flights credit scandal and is being sued by the Australian Competition and Consumer Commission. The ACCC alleges Qantas sold more than 8000 Even so, in the 2022 annual report the board still provided a STIP scorecard for the 2021-22 financial year. Qantas senior management met, or partially met, all STIP measures, except for customers. On that measure, there was “no achievement against targets”.It’s worth noting that pre-pandemic in the 2019 annual report, Qantas’ STIP was weighted 50 per cent towards profits, 15 per cent each to customer and safety, and 10 per cent each to domestic market position, and growth or transformation.
The importance of directors owning shares in companies on which they serve was explained in a recent report by Ownership Matters, a group that provides advice and research to institutional investors on companies and boards. “Investors broadly support the concept of non-executive directors having some ‘skin in the game’ through personal investments in ordinary shares, which provide alignment with shareholders,” said Ownership Matters.
The charter provides in detail the board’s responsibilities and duties. Among those are “satisfying itself an appropriate risk management framework exists in relation to financial and non-financial risks and to review, monitor and manage risk”.In June, Qantas announced new senior management appointments, including the creation of a chief risk officer role. Qantas called it a “new” role.