V-Jet, I think we are screaming our agreement at each other.
I am certainly not saying QANTAS hasn't made mistakes (in fact many mistakes) these past years through more than one CEO nor am I saying the board is blameless in those mistakes. Far from it, in fact I believe a lot of the troubles has stemmed from one particular senior board member who has a long history of a certain approach to industrial relations.
I also think a lot of problems has been caused or exacerbated by having a board that was too much of a like kind. By that I mean I don't think they showed the independence that was required of them but tended to rubber-stamp the decisions of the CEO and that certain senior board member. The appointment of Todd Sampson would, I believe, ginger up the board to make that less likely in the future.
The primary reason for the board's existence is to provide oversight and policy direction to the CEO. That may have been compromised but I don't think it has ever lost relevance. It is to make money for the shareholders and it is set down in law. Failure to act in accordance is a big no-no. If the "profitability" is a myth then watch out for fireworks later. Spruking up the share price carries serious penal provisions, especially as QANTAS's single largest shareholder sold down their holding at a profit on the basis of that announcement.