"Duty should always be to the public and the passengers, not to the shareholders." - Hudson Fysh
Southern Skies
Today that position is under pressure in all areas of industry. I suspect that with the current shambles of QF's vision, that they fail in all respects; public/passengers and shareholders are all being messed with by the Poisoned Dwarf's vision.Public of AUS are being rolled, passengers are getting a brown paper bag program, and the investors are seeing the share price tumble...
The current headline is that the pilot union and presumably others are calling for the removal of the dwarf. The malaise in QFA extends far further. All of the upper management that have sat around sagely nodding at the emperor and failed to tell him that his clothes had been downsized (rightsized?) to invisibility (much like QFA) and have not acted to protect the shareholder value, company, passenger and public interests need to go. The culture of acquiescence to bad behaviour by management in QFA needs to be cleansed. Even the implementers of the frequently used legal instruments for quieting dissent need to be removed, they are cancerous to good management practices.
The QF 2010 interim report indicates that QFA and Jetstar spend about the same on aircraft leases, whereas QFA has massive depreciation on assets. A point of interest is that the Jetstar leases are pretty darn good.... in fact really good, around half the cost (or less) of what we get in this industry other than for apparently Jetstar. Good business if you can get it....
Of course... depreciation is a two edged sword as well... in the case of QFA where there is no replacement of the asset, it is hard to see where the "loss" truly occurs... it is not like the poisoned dwarf is intending to replace any of these assets for QFA, only for the Jetstar fleet. On top of that, the "investment" of 1.6B, which is made by QF mainline on aircraft is for what aircraft? apparently most of these are in fact Jetstar aircraft, if it includes the B787... or Airbus products. The books supposedly include all of the existing QFA fleet as it has been allowed to develop to, ie it already includes the A380's (and the last ones have been "deferred" presumably to be turned into prettier A320's for Jetstar in due course if management has it's way).