Qantas media blackout to be broken by shareholder Xenophon?
Even if Qantas tries to ignore shareholder Xenophon tomorrow, his publishing his queries in advance means there will be no shortage of punters ready to ask them for him.
Senator Xenophon, representing a state Qantas says should fly Emirates
Qantas has been at pains this year to tell the media in advance that its Annual General Meeting will provide no opportunities to question management.
However the cone of silence looks like being lifted, or battered, by SA independent Senator, Nick Xenophon, who has bought a small number of QAN shares in order to ask questions from the floor of the meeting, which is being held in Melbourne tomorrow Friday.
“The time for spin is over. This board needs to be held accountable for a series of disastrous decisions that have cost shareholders dearly, demoralised loyal staff and have tarnished the reputation of a great Australian icon”, said Nick.
Specifically, Senator Xenophon will be focusing on the board’s decisions to pour hundreds of millions of dollars into the Jetstar Asia franchises to the detriment of the Qantas Group as a whole.
He will also question the Qantas board over its confidential briefings to institutional investors.
“There can’t be two classes of shareholders. Why should Aussie mum and dad investors be kept in the dark while the big end of town has privileged access to these briefings”.
Those are very good questions. Senator Xenophon might even ask if there is any truth in rumours that Qantas will be releasing a strategic review in December, it which it might change the future nature and shape of Qantas international operations?
The dilemma for Qantas is that even if Xenophon is totally shunned when it comes to asking shareholder questions, his publishing them in advance in the media means that there will be no shortage of punters ready to ask them for him.
Qantas has in the opinion of this observer been ruinously affected by the mistakes of group CEO Joyce and chairman Clifford. Can either point to an auditable cash benefit from a single thing that they have announced they were doing in the last six years? Can either provide a verifiable figure for the benefit of giving away a large part of the Qantas international business to Emirates, as distinct from enriching the UAE carrier, which has confirmed that it profited greatly from the hand over.
The legality and at the very least, equity, of giving special privileged briefings to institutional investors and finance houses not available to ordinary shareholders is an important issue. Xenophon will undoubtedly remind the media of this outside the AGM regardless of what management says in any response to shareholders questions tomorrow.
Qantas media blackout to be broken by shareholder Xenophon? | Plane Talking