Dean you are completely correct.
A pilot has complete and utter responsibility for their conduct. The CAO enshrines strict liability.
Qantas' profit, particularly the amazing turnaround was effectively ONLY fuel and a depreciation adjustment. The 'loss' was on paper, not a trading loss but even generated tax credits!
That is not 'enlightened leadership', clever perhaps, but students of the corporation know the difference.
Hudson Fysh, Paul McGuiness and Fergus were inspired leadership. The took something; an idea and leveraged their own money. Like him or not Richard Branson did the same thing with Virgin Atlantic. Alan is welcome to the money, he may even need it, but to call him accountable for the direction,both good and bad is a little bit of a stretch.