Alan Joyce’s multi-million-dollar bonus is on the chopping block after bowing out as Qantas boss two months early and leaving the national carrier saddled with a series of scandals.
There are clawback provisions in the bonuses already awarded to Mr Joyce, and Qantas chairman Richard Goyder is under increasing pressure to activate the rarely-used measure.
“Remuneration is one of our key focus issues. We look at every company, ask the questions of the chair. Our members think it’s really important. We recently did a survey and that’s one of the top three things that they want us to be calling out companies on: inappropriate remuneration. It needs to be transparent and needs to be realistic and benchmarked.”
Qantas could also decide to defer the bonus as stock for three years and reduce it based on the size of the potential fine from the ACCC. That decision has been widely referenced by analysts looking at the decision facing the Qantas board regarding their executive’s whopping bonuses.
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