Under the current board/management, I cannot see anyone accepting a pay cut.
However, if Joyce/Clifford go and someone is brought in from outside for a big management shakeup, then I think there might be some serious negotiations about pay freezes/cuts.
So what would it take:
1. New CEO on fixed salary $2m until ALL business segments profitable.
2. Max salary $1m for EXCO with limit of 5 people.
3. 2/3 board replacement over 5ys with 2 board positions union nominated.
4. Clear strategy for mainline to ensure sustainability (fleet replacement etc).
5. Removal of the $100m/yr plus management consultants. If you need someone to tell you how to do your job, then they can have your job.
etc etc