Great post busboy330,
reading the comments and presto
As a share holder in many public companies, I along with many other shareholders are getting increasingly concerned how one part of our workforce ( the executive employees) getting their rewards and incentives from taking from the operational workforce (staff employees). In the past CEOs were visionaries that added value to a company through entreprenuership. These days they are increasingly accounts driven with their total creative focus on costs.
In the sad case of Qantas, executives are being paid increasing more per hour each year. However, the total remuneration paid for operational staff across the company divided by hours worked is decreasing. In other words, executive income and bonuses are not based on entreneurship but instead screwing costs out of the hourly rates on operations workers. This is so short term thinking. Sack executives like Joyce with this kind of thinking ...FAST!. As shareholders we must stand up and make all our employees work as a team instead of against each other.
Michael has articulated the problem very well here. This discontinuity can't go on. Take Qantas for example. Management have destroyed shareholder value to the point where not only is there no dividend but the share price recently hit an all time low.
In this case you would expect Alan Joyce and his wealth destroying executives to be shown the door. But no..they are rewarded for achieving this destruction.
That the major institutions who control the majority of the Qantas share capital sit back and do nothing just ads weight to the point Michael makes in this article.
The occupy wall street movement may come to Australia quicker than anyone thinks if shenanigans like this continue.
As another QAN shareholder, I support the strike of the engineers, the pilots etc. They will be there long after this CEO has left the country.
I have used all my shares to vote against the remuneration of Alan Joyce. I have seen the company's share price dive under Joyce.
What I can see is low-cost Joyce is running the airline to ground. To think that runt is receiving $5M when he can't even run or manage the company is ridiculous. To think he receives $5 when he can't even issue dividends to shareholders? Give me 20 airline pilots salaries = 1 CEO salary.
I want my value for money back. I ask the board to see reason and get rid of that CEO before he destroys the company.
Did the Qantas pilots who safely landed that crippled A380 super jumbo get $million bonuses for saving the lives of 440 people and the airline from $$Billion liability, from lawsuits, loss of equipment and loss of reputation OR did management just receive the $million bonuses.
The message is getting around just in time for the AGM....
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