Total pay over four years $54m. When he goes he will have taken substantially more than $25m in reward.
One must consider the time value of money.
Qantas group Revenue in FY10
Qantas group Revenue in FY17
If one merely uses a 3% Interest (or inflation rate) Qantas is in
real not nominal terms 5% lower.
Making a business 'lean' isn't something spectacular, it is akin to a pilot taking sufficient fuel. The fleet write down could have been done anytime in the last five years, it was done specifically when it was for reasons (IMO) other than a desire to make the business lean.
Did you notice a few years ago when the airline was struggling the board changed the short term executive bonus scheme into a "long term" bonus scheme
Executive remuneration in Europe and the USA is under the spotlight. Both in the UK and the USA their respective Company Codes require realised remuneration to be compared average earnings. Not suprsingly the division of the economic pie has seen few people take more, whilst the majority don't. Milton Friedman and the Chicago school of economics is credited for helping CEO pay go from around 30 times average earnings to presently 335 times by linking remuneration to financial performance. Switching realised salary away from STI to 'long term' with big awards of bonus for 'financial performance' both hides the ratio to average pay (for comparison purposes) and entices financial engineering.