From the last AFR article
Up to $16 million of Joyce’s recent performance incentives are within the board’s control to claw back now. If the board wants to restore the airline’s reputation, then a starting point would be to repudiate a large portion of these bonus incentives. In the court of public opinion, that would receive strong backing, and show that the board is now more in tune with the real spirit of Australia
This isn’t going to happen. Why? Because Elaine will have a documented paper trail to the board telling them exactly what he was up to including the risks - and they will have signed off on it. If they try and claw back, he’ll be straight off to court and pleading that he’s being unfairly penalised for something the board told him to do. Why do you think the reluctance to throw him under the bus?
It’s possible that there may have been a deal done around the share sales - agreeing to let him sell at the top of the market even though they knew the ACCC were coming - and in return withhold a marginal portion of his bonus package for
PR purposes.
I’d also bet he’s extracted something extra in return for ‘falling on his sword’ early