Qantas CEO to give bonus to charity
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Qantas CEO to give bonus to charity
http://blogs.usatoday.com/sky/
Airline CEO to give bonus to charity
Qantas CEO Geoff Dixon accepted an offer from a private equity consortium to stay on as the airline's chief after the airline changed hands in an $8.64 billion buyout. But, Dixon has turned down one of the most generous provisions offered to him in the deal, according to The Age newspaper of Australia. While he acknowledged his salary and short-term bonus would remain roughly the same (he earned about $4.15 million last year), Dixon also would be eligible to earn up to $47 million "as part of a long-term incentive scheme if Qantas hits its financial targets," The Age writes. But despite the potentially lucrative payout, Dixon says says he'll instead give any proceeds from that plan to charity.
"I thought about it once I knew this was on. I regard myself as reasonably fortunate. I discussed it with my family and said I think we've got enough to keep us going. This is a great opportunity to do something worthwhile for the community," he says to The Age. The paper notes that Dixon's decision comes "as concern has mounted in North America about bosses raking in millions by selling their companies to private equity. In many of the buy-outs, funded largely with enormous debt, many U.S. chief executives have made millions through change-of-control packages, and have then continued running the business."
Posted at 12:57 PM/ET, Dec 14, 2006 in International carriers | Permalink | Comments (2) TrackBack (0)
Airline CEO to give bonus to charity
Qantas CEO Geoff Dixon accepted an offer from a private equity consortium to stay on as the airline's chief after the airline changed hands in an $8.64 billion buyout. But, Dixon has turned down one of the most generous provisions offered to him in the deal, according to The Age newspaper of Australia. While he acknowledged his salary and short-term bonus would remain roughly the same (he earned about $4.15 million last year), Dixon also would be eligible to earn up to $47 million "as part of a long-term incentive scheme if Qantas hits its financial targets," The Age writes. But despite the potentially lucrative payout, Dixon says says he'll instead give any proceeds from that plan to charity.
"I thought about it once I knew this was on. I regard myself as reasonably fortunate. I discussed it with my family and said I think we've got enough to keep us going. This is a great opportunity to do something worthwhile for the community," he says to The Age. The paper notes that Dixon's decision comes "as concern has mounted in North America about bosses raking in millions by selling their companies to private equity. In many of the buy-outs, funded largely with enormous debt, many U.S. chief executives have made millions through change-of-control packages, and have then continued running the business."
Posted at 12:57 PM/ET, Dec 14, 2006 in International carriers | Permalink | Comments (2) TrackBack (0)
So is he just giving the money in a totally altuistic way or is he setting up an instrument/structure which will make ongoing tax deductable donations...
With that amount involved he would probably not have to pay income tax again for the rest of his life whilst buying some degree of "respectability" with charity to the arts or such.
With that amount involved he would probably not have to pay income tax again for the rest of his life whilst buying some degree of "respectability" with charity to the arts or such.
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See the thread on the same subject on Dunnunda & Godzone http://www.pprune.org/forums/showthread.php?t=256322
Last edited by Wiley; 15th Dec 2006 at 02:40.
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So is he just giving the money in a totally altuistic way or is he setting up an instrument/structure which will make ongoing tax deductable donations...
With that amount involved he would probably not have to pay income tax again for the rest of his life whilst buying some degree of "respectability" with charity to the arts or such.
With that amount involved he would probably not have to pay income tax again for the rest of his life whilst buying some degree of "respectability" with charity to the arts or such.
So is he just giving the money in a totally altuistic way or is he setting up an instrument/structure which will make ongoing tax deductable donations...
With that amount involved he would probably not have to pay income tax again for the rest of his life whilst buying some degree of "respectability" with charity to the arts or such.
With that amount involved he would probably not have to pay income tax again for the rest of his life whilst buying some degree of "respectability" with charity to the arts or such.
Give the man a bit of credit. It is still $47m or whatever that he could have kept and some who are less fortunate would not benefit. On a wage of $4.15m he will pay 2m tax or less, so maybe he only gave away $45m. What a piss poor effort on his behalf.
How much of our income does the average person give away. I wouldn't mind betting most would keep the money if they were so lucky. Why are we always so quick to condem someone who tries to do some good, in this country.
You might not like the man but give some credit to where it is due.
I would still aplaud him if he 'only' gave away 10% of it. Any amount of money is important to charities today. Today they are being called upon to fund things that I used to think was the resposibility of society, through goverment funding.
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I take my hat off to the guy. How much money does one need to have to have a comfortable life. I only wish all the fat cat directors in the UK would follow suit.
2500 post offices close but big bonus to MD, it seems these days they get bonuses for failures!
2500 post offices close but big bonus to MD, it seems these days they get bonuses for failures!
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Good Man!
Asuming that the tax system in Oz works the same way that it does in the UK, I too would be more than happy to give money to charity rather than see it go to the treasury.
As for what he would get after tax, as someone pointed out earlier, how much money do you need to live?
Asuming that the tax system in Oz works the same way that it does in the UK, I too would be more than happy to give money to charity rather than see it go to the treasury.
As for what he would get after tax, as someone pointed out earlier, how much money do you need to live?
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I've long thought that Geoff Dixon was one of the more interesting airline CEOs. Not many people could figure out when they earn enough money. His decision to give away that much to charity sums up the character - and will hopefully put some City fat cats to shame. Two thumbs up, minimum!
Cheers
Cheers
