{"id":8979,"date":"2023-11-03T07:26:18","date_gmt":"2023-11-03T07:26:18","guid":{"rendered":"https:\/\/infundpros.com\/business\/qantas-admits-loss-of-trust-after-investor-backlash-over-pay\/"},"modified":"2023-11-03T07:26:18","modified_gmt":"2023-11-03T07:26:18","slug":"qantas-admits-loss-of-trust-after-investor-backlash-over-pay","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8979","title":{"rendered":"Qantas admits \u2018loss of trust\u2019 after investor backlash over pay"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=c343ea63-21b1-478b-a7de-0cc3f9af895e\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Shareholders in Australian airline Qantas have voted against the company\u2019s executive pay and bonus scheme, with 83 per cent of investors refusing to back the advisory remuneration report.<\/p>\n<p>\u201cIt is clear there\u2019s been a substantial loss of trust in the national carrier and we understand why,\u201d outgoing chair Richard Goyder told shareholders at the company\u2019s annual meeting on Friday after what he called an \u201coverwhelming\u201d vote against the pay policy.<\/p>\n<p>Under Australia\u2019s \u201ctwo strikes\u201d rule, a vote can be held to dissolve the board if shareholders reject a company\u2019s remuneration policy for two consecutive years.<\/p>\n<p>The vote against the company\u2019s pay policy at its annual meeting in Melbourne caps a turbulent three months for the airline. Qantas suffered a customer services meltdown at the start of the year but nonetheless reported underlying pre-tax profit in the year ending in June of A$2.5bn ($1.6bn) and a healthy outlook in August.<\/p>\n<p>The company was sued by the Australian consumer regulator a week after reporting the results for alleged \u201cfalse, misleading and deceptive conduct\u201d. The Australian Competition and Consumer Commission accused the carrier of selling tickets for thousands of so-called ghost flights that it had already cancelled.<\/p>\n<p>A week later, a court upheld a ruling that Qantas had illegally sacked 1,700 workers during the pandemic, a move that cut costs for the company but also resulted in a collapse in its customer service quality as ground-staff including baggage handlers were outsourced.<\/p>\n<p>The company known as the \u201cFlying Kangaroo\u201d now faces a potential bill of hundreds of millions of dollars in penalties and compensation for those workers.<\/p>\n<p>Its long-serving chief executive Alan Joyce stepped down earlier than expected, and its chair and two board members have said they will also leave. Qantas shares have lost almost a fifth of their value since August. <\/p>\n<p>The Qantas board apologised to investors at the annual meeting and promised to restore the airline\u2019s brand status and customer service reputation.<\/p>\n<p>It also highlighted that it had cut executive bonuses and incentive payments for the year, withholding all payments until there was clarity on the cost arising from the legal cases.<\/p>\n<p>The board amended the bonus policy for future years to demand higher levels of customer satisfaction in order for incentives to pay out. It also stressed that it had the right to claw back A$14.4mn in Joyce\u2019s bonuses for the past year depending on the outcome of the legal cases.<\/p>\n<p>All other resolutions passed. There was a large vote against the re-election of Todd Sampson, a former advertising executive and television personality, in protest at the company\u2019s brand damage.<\/p>\n<p>Investors also criticised the board for allowing Joyce to sell A$17mn worth of Qantas shares weeks before the consumer watchdog\u2019s legal action was launched.<\/p>\n<p>Two new board directors were approved at the annual meeting, including former US Airways chief executive Doug Parker, as part of an overhaul of the airline\u2019s governance and management. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/c343ea63-21b1-478b-a7de-0cc3f9af895e\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Shareholders in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-8979","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Qantas admits \u2018loss of trust\u2019 after investor backlash over pay | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Shareholders in Australian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=8979\" \/>\n<meta property=\"og:locale\" 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