The Board comprises a majority of Independent Non-Executive
Directors who, together with the Executive Director, have an
appropriate balance of skills, experience and expertise. The
Board endorses the ASX Corporate Governance Council’s
Corporate Governance Principles and Recommendations with
2010 Amendments, 2nd Edition (ASX Principles).
THE BOARD LAYS SOLID FOUNDATIONS FOR MANAGEMENT
AND OVERSIGHT
The Board has adopted a formal Charter which is available
in the Corporate Governance section on the Qantas website.
The Board is responsible for setting and reviewing the strategic
direction of Qantas and monitoring the implementation of that
strategy by Executive Management, including:
— Promoting ethical and responsible decision-making
— Monitoring compliance with all relevant laws, tax obligations,
regulations, applicable accounting standards and significant
corporate policies (including the Qantas Code of Conduct & Ethics)
— Overseeing the Qantas Group, including its control and
accountability systems
— Approving the annual operating budget and monitoring the
operating and financial performance of the Qantas Group
— Approving and monitoring the capital management strategy,
including major acquisitions and divestitures
— Appointing and removing the Chief Executive Officer (CEO)
— Monitoring the performance of the CEO and Executive
Management, including the Chief Financial Officer (CFO)
— Developing Board and Executive Management and succession
planning
— Ensuring a clear relationship between performance and executive
remuneration
— Monitoring the Group’s system of risk management and internal
compliance and control
— Ensuring that the market and shareholders are fully informed
of material developments
QANTAS boards charter, Sept 2011.... So QFA management has been planning this action for an extended period, yet fails to comply with their own standards of behaviour.