First of all, don't knock the shareholders. They want to see long term eturns for their investment. That means they are concerned about the brand and safety. They just have to rely on the Board to safeguard their investment.
I have no qualms about paying bonuses either, however I have big issues with how the bonuses are paid.
The issue is about time lines.
The Board and CEO should be looking at the health of the company Five to Ten years ahead, perhaps even more when aircraft life cycles are concerned.
Senior management should be looking one to Four years ahead.
Middle managers and staff - this year - Twelve months rolling, etc.
But giving a CEO a bonus for the last Twelve months performance? All that does is focus him on current performance and invites micromanagement and sub optimal decision making. She is supposed to be looking for long term profitability, not short term cost cutting.
Bonuses should be considerably larger than they already are ....but payable or calculate - able until Five years have elapsed for Board and Senior management. That way we get to see some long term thinking.