The airline’s superannuation investors say they are watching how it deals with the “significant damage to reputation” it has sustained in the past 12 months. Qantas CEO Alan Joyce was granted $10.8 million in shares on Friday.
Qantas’ major superannuation investors have put the airline’s board on notice over the “significant damage to reputation” it has sustained in the past 12 months, saying they are scrutinising executive bonuses this year.
deliberately deceived thousands of passengers, forcing the company to scrap the expiry of $570 million of credits it was on track to book as breakage revenue in DecemberThe intervention of the industry superannuation funds – which between them and other public sector investors including the Future Fund control more than 20 per cent of the shares in Qantas – came after Labor national president Wayne Swan said the company’s board “should be accountable”.
“We commenced our inquiries in the first half of 2022, the focus of which started to include these matters in the second half of 2022.”“If the Qantas board knew [about the investigation], it does raise questions about continuous disclosure. It doesn’t pass the smell test,” said Perpetual’s former head of equities, Peter Morgan, of Mr Joyce’s share sale.
“We take these matters extremely seriously and will work through them without knee-jerk reactions,” he added.
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