Yes Joyce got lucky with a fuel price drop.
They also 'impaired' on overvalued international fleet, saving on depreciation and generating the 'turnaround' profit the next year. Using the 'loss' as the pretext to lock in pay freezes for the employees.
- In the US, the ratio of CEO remuneration to average worker earnings has grown from 30 odd times in the mid 1970's to 300 times now. The UK is 183 times. Australia is well up there too.
- The drift away in return away from workers has gone unabated for three decades in Australia. Both sides of the political spectrum allows this in all western democracies.
There is also a trend very important to watch as far as Joyce's remuneration is concerned:
Realised pay. Executive remuneration is increasingly 'hidden' in bonus structures.The effect of options on Qantas shares vesting when events are 'timed' to maximise the share price, does reward insiders handsomely. The cynical might suggest that Qantas' fleet write down was timed with share option considerations in mind..
Throwing the staff a few crumbs from the table is insignificant, the savings baked in when union myopically agreed to a pay freeze (for a paper loss) are realised and the pay and superannuation accumulations long ago lost.
