From SMH.com.au
Qantas CEO Alan Joyce's record $25 million pay this year makes him just one of five CEOs to receive more than $20 million in reported pay in one year, and the first to top highs not seen since the financial crisis.
The Qantas annual report, released on Friday, showed that Mr Joyce's high pay reflects a large payout of his long-term incentives and shares (Mr Joyce's base pay was just $2.1 million) which have ridden the benefits of the growing company share price which has increased from a low of almost $1 in 2014 to close to $6 today.
Mr Joyce, who is widely credited for turning around the ailing airline, made a personal donation of $1 million to the 'yes' campaign for same-sex marriage earlier this week.
Three years ago, 97 per cent of Qantas shareholders voted to weight Mr Joyce's long-term incentives to pay-out this year if he could deliver the goods.
The Irish-born Australian citizen has delivered on his promise and seen his pay jump from $12 million in 2015 and $13 million in 2016 to $24.58 million this year.
His senior executive team have been equally well rewarded with CEO of Jetstar Jayne Hrdlicka receiving $8.13 million and CEO of Qantas International Gareth Evans receiving $8.18 million.
There is no question that these pay outcomes are high. That's because they reflect the company's exceptional performance", Qantas chairman Leigh Clifford AO said in a statement.
"The company's market value has risen from $2.5 billion to $10 billion. We have generated around $3.5 billion in profit. The share price has risen by about 350 per cent over three years. And the value of executive bonuses, which are mostly paid in Qantas shares, have risen with it," Mr Clifford said.
Qantas shares are down 0.9 per cent.
Is it just me or does $25mio pay appear to be a wee bit excessive for a 38 hour week? Nah, its probably just me....