Qantas seeks boardroom pay rises | Business Spectator
Qantas seeks boardroom pay rises
2 hours ago
IndustriesAviation
By a staff reporter
Qantas Airways Ltd will seek shareholder approval to increase the fee pool for its board of directors, despite the airline clashing with unions this week over reports that up to 300 jobs may be on the line at its Avalon maintenance facility.
The airline is seeking to increase the fee pool for its non-executive directors by $250,000 per year, bringing the total fee pool amount to $2.75 million.
The proposal will be put to shareholders at the airline's forthcoming annual general meeting on October 18.
Qantas shareholders approved the current fee pool limit of $2.5 million nine years ago at the 2004 AGM.
"Given the annual aggregate fees paid during the last two years is approaching the fee pool limit, the Qantas board wishes to increase the fee pool," the airline said in a notice outlining the details of the forthcoming AGM.
"Qantas’ current board and committee fees and fee pool have been benchmarked against comparable listed companies," it said.
The increase would allow Qantas to attract and retain appropriate talent for the workload and responsibilities required of an airline board role, the company said.
Qantas recently put a freeze on the base pay of chief executive Alan Joyce, chairman Leigh Clifford and other management positions.
However the board will also seek approval for Mr Joyce to participate in its long-term incentive program, with a performance reward based on 80 per cent of his fixed remuneration of $2.125 million, redeemable as Qantas shares after three years.
The incentive program was based on a peer comparison with other ASX listed companies, the airline said.