Joyce does it tough
QANTAS chief executive
Alan Joyce seems to have a more Samaritan spirit than some of his counterparts throughout the Asian region. On Monday, Qantas said Joyce - who has overseen a slump in his airline's share price to its recent all-time low and tomorrow is expected to report the airline's first full-year loss since its listing - will forgo his annual bonus.
That means Joyce will have to make do with an estimated
$2.3 million in fixed remuneration for the 2012 financial year.
But some Asian airline bosses have not been so restrained. Take the chief executive of Singapore Airlines,
Goh Choon Phong, who was paid a bonus in the year to March 31 when his airline reported a $S1.13 billion ($862 million) profit.
Singapore Airlines disclosed its chief executive was paid a $S732,976 bonus, taking his total short-term pay to $S1.74 million. He received another 95,000 restricted stock and performance options, worth about $S1 million.
That means Goh - with his short-term and long-term incentives - earned about the same as Joyce in the 2012 financial year. But only if he ultimately hits his performance targets on his options. How greedy for the chief executive of an airline that not only
reported a profit but is worth more than three times Qantas on the sharemarket.
Cathay Pacific chief executive
John Slosar had the temerity to bag $HK11.82 million ($1.45 million) in total remuneration despite the airline in its latest set of full-year accounts reporting a measly $670 million in profits. His remuneration included about $495,000 in base pay and a $360,000 bonus. Cathay is worth more than double Qantas on the sharemarket.