Qantas boss Alan Joyce insists the worst is over after the Flying Kangaroo posts a record $2.8 billion loss.
A CONTENTIOUS proposal to pay Alan Joyce an extra $2.5 million in three-years time will be voted on at today's Qantas Annual General Meeting in Melbourne.
The long term incentive — expected to be vigorously debated — is designed to reward the CEO for achieving priorities of Qantas' transformation agenda, including $2 billion in cost reductions by 2017.
Mr Joyce already earns a base salary of $2.1 million a year and the additional payment of a "performance rights" worth 120 per cent of his pay packet, will be put to the AGM.
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Qantas CEO Alan Joyce ... could get a large incentive payment. Picture: Bob Barker Source: News Corp Australia
Unions and members of the Australian Shareholders Association have vowed to vote against the proposal and the remuneration report at the meeting, at the Melbourne Convention Centre.
In a letter to members, the Australian Services Union said Qantas was unfairly rewarding those at the top who had "ripped the heart out of the airline and whose strategies had resulted in this massive loss".
"We do not see why Alan Joyce should be rewarded for offshoring jobs and making staff redundant, freezing salaries and damaging the Qantas brand," the letter said.
Australian Shareholders Association chairman Ian Curry said the financial results being recorded by Qantas did not justify that sort of remuneration being thrown around.
"We think Mr Joyce is fortunate to still be in the role (of CEO)," said Mr Curry.
"They lost $2.8 billion but are trying to use the smaller underlying loss (of $646 million) as an excuse for rewarding key management personnel."
QANTAS AGM: D-day for Alan Joyce
He said members were wondering how long the board could allow the present management team to hold their positions.
"We do think they've lost their way but our view is that Alan Joyce is as good an option as they've got," Mr Curry said.
Unimpressed ... Unions and the Australian Shareholders Association are not convinced Alan Joyce deserves more money based on the poor financial performance of the Qantas group. Source: AP
"A new person would take a year to come in and sort out what they wanted to do, and they can't really afford that."
Shareholders' concerns about the remuneration of Qantas executives, extended to those at Virgin Australia, Mr Curry said.
CEO John Borghetti took home an even bigger salary than Mr Joyce this year — $2.77 million — after being paid short-term bonuses of $941,000.
"Airlines today aren't in a particularly enviable position," said Mr Curry.
"There's very few that make any money and how they fare in the future will depend a lot on the global economy and concerns about safety. It's never going to be easy for the airlines."
Qantas last paid shareholders a dividend in early 2009 although it did buy back $100 million worth of shares in 2012-13, paying an average of $1.44.
Yesterday Qantas shares were trading at $1.37.
Virgin Australia will hold its AGM in Brisbane on November 19.
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