Incoming Qantas chief executive Vanessa Hudson will get a $1.6 million base salary when she takes the reins in November. The sum is $400,000 less than Alan Joyce was paid in his first year as boss.
“Not only can we afford the capital expenditure that is coming, but we can also continue to reward our shareholders through the cycle,” Ms Hudson said this week.
“We have recovered our [net promoter score], our on-time performance is back. And, in addition to managing that, we actually made the decision to invest in new aircraft while we were still within COVID-19,” Ms Hudson said. Mr Joyce, meanwhile, is eligible for $15.2 million in bonuses at the end of this financial year after deferring long-term incentives from 2020 to 2022. He is up for a further $4.5 million in August, when the board reviews his short-term performance against their targets, on top of his base $2.17 million pay.
Last year, Mr Joyce had the $4.5 million bonus waved through by 90 per cent of shareholders, despite influential proxy advice firm ISS telling investors to oppose the award.ISS said the performance hurdles for the bonus were not “sufficiently challenging”. Among the targets in the scheme were: keeping the group’s net debt below a target level; cutting $1 billion of costs from the business by next June; andThe firm also accused the board of giving shareholders a “false choice”.
“The company intends to make a cash equivalent payment rather than an equity award if shareholder approval is not obtained,” ISS said in its report.is a journalist based in The Australian Financial Review's Sydney office.
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