2017 Annual report - lol

[Freehills]

So - Cathay have stopped showing how much directors are paid, unless they are on the board. So no more being able to see AT or TO housing! To be fair, it is only a 'recommendation' from HK listing rule to disclose their pay, vs legally you have to for the board directors

Both RH and the finance director do seem to have taken no bonuses, so an overall significant pay cut of 20-30%.

Other highlights -

CX reimbursed Swire 169m HKD for the benefit of their management expertise

As far as I can tell, pilot attrition was c6% (across CX/KA)

(36 more pilots to total of 3,930, recruited 200, and 72 cadets, so that means 240 or so must have left)

[gulliBell]

Things are looking rosy according to the Chairman

"The new management team is acting decisively to make Cathay Pacific and Cathay Dragon better airlines and stronger businesses, delivering more to customers with improved productivity. We are confident that we are on the right track to achieve strong and sustainable long-term performance, with a leaner, more competitive business, while enhancing the brand and the quality of services that our customers deserve and expect. These services are always delivered by our people, who remain dedicated in these volatile times. I would like to thank them for their hard work and commitment."

Fuel hedging losses = HK$ 3,237 million in 6 months
Loss of HK 52.1 cents per share.
No dividend declared.

I'm a shareholder, I vote time is overdue for new management.

[mngmt mole]

I have not reviewed a copy of the report yet. For clarification, when you say "no bonuses paid", do you mean RH received no bonus from EITHER CX or Swire, or just no bonus from CX? I suspect his remuneration has been made up in other ways if he didn't receive a bonus from CX.

Comical how they drop the housing allowance for AT. I guess we weren't supposed to notice that one. By attempting that sleight of hand, they have really just highlighted even more the hypocrisy of their efforts.

[Apple Tree Yard]

So, approximately 240 have left in a year. An average of almost 5 per week. A healthy "major" airline does not lose that many pilots in a year, and in our case, nearly all to resignation and not retirement. Funny thing is, I don't remember reading about 240 pilots being bade farewell in AT's weekly newsletters :rolleyes:

(and that 240 number will be much higher for this year, as the exodus has only just started to gain momentum. Hill/snowball).

[Apple Tree Yard]

The other realisation that needs to sink in is that a large percentage of that 240 would have been on average quite experienced. The replacements for the most part have NO experience. An airline that begins down that road has only one possible destination, and that is the front page of the worlds newspapers.

[Freehills]

I have not reviewed a copy of the report yet. For clarification, when you say "no bonuses paid", do you mean RH received no bonus from EITHER CX or Swire, or just no bonus from CX? I suspect his remuneration has been made up in other ways if he didn't receive a bonus from CX.

Comical how they drop the housing allowance for AT. I guess we weren't supposed to notice that one. By attempting that sleight of hand, they have really just highlighted even more the hypocrisy of their efforts.

No bonus reported at all for RH.

They didn’t just drop showing the allowance for AT - they dropped showing any of the compensation of anyone not sitting on the board!

[Apple Tree Yard]

With the history of this managements misdeeds, dishonesty and outright corruption, does anyone really believe that the likes of RH and AT won't be obtaining compensation at some point for the last years "performance" ? Answers on a tiny postcard please.

[Trafalgar]

So, they dropped any mention of compensation to do with AT. What are you trying to hide Anna...?

[Trafalgar]

I have a suggestion: Let's calculate AT's bonus based on the savings in her training department....oh, wait :mad:

[Trafalgar]

Hey Everyone, just a friendly reminder to pay the remainder of your tax bills this week. Just dip into all that 13th month bonus money and write that cheque :ok:. Remember to thank RH and AT in the coming weeks/months in the best way you know how. Happy low bank balance day. :rolleyes: (as a small reminder of why there can be NO talk of concessions at any coming pay talks, that equated to a 9 % pay cut for every Captain this past year, never mind the fact that inflation has taken another several percentage points off as well. Call it a round 12-15% cut in total year on year).

[Flex88]

I have a suggestion: Let's calculate AT's bonus based on the savings in her training department....oh, wait :mad:

Don't forget that, as unfinished business, she is still trying to flog the entire FTC as part of her "Time to WIN" campaign.

Instructors over there already walking away and looking for other work. Who wouldn't under those circumstances ?
The "Screaming Skull" backed by PC & AT can't wait to add that little cost saving exercise to their bonus calculation.

Screaming Skull came back as he didn't quite feel he had done enough damage previously so, as you would expect, approached the Senior Leadership for one more kick at the cat to make himself feel fulfilled - screw everybody else.

[Oasis]

I think AT deserves her bonus, though.
Can't you see all the money she saved by having 200+ flightcrew resign since the beginning of the year?

[Freehills]

Big losses mean Cathay Pacific top brass miss out on bonuses for first time since 2009 | South China Morning Post (http://www.scmp.com/news/hong-kong/economy/article/2140142/big-losses-mean-cathay-pacific-top-brass-miss-out-bonuses)

[mngmt mole]

You’ve got to love the SCMP article. Almost makes RH sound like he’s a martyr 🤮. I will be interested to hear what his Swire bonus is as opposed to his CX one. Believe me, this whole exercise is nothing more than propaganda to keep the cabin and ground staff quiet. People at his level NEVER lose out. Of that you can be certain.

[Scoreboard]

heard recruitment department heads have resigned?

Dont want to be attached to the next incident?

[cxorcist]

All 3 of the senior recruiters - KC, KE (wife of Boeing CP) and C dl H apparently resigned.

More guts than the trainers and the coming idiots who've applied for the fleet office position...

Amen!!! So true. You’d have to be retarded to sign up for a training and/or management job right now. Social suicide. Ethically devoid. Borderline scab. Intellectually absent.

[Trafalgar]

Thought I would repost this precise from another contributor (with thanks for their efforts) A worthwhile reminder to my colleagues:


Cathay penny and pound foolish:

Cost of Captain's Bonus Expressed in kgs of Fuel per Flight
(All values in HK$)

$35,000 x 950 Captains = $33,250,000 (US $4,290,323)

Average number of flights per year: 172,000 (Cathay Online Fact Sheet)

Average amount of bonus per flight: $193.31 (US $24.94)

December 2017 Jet-A Price per Litre: $4.10
Fuel Price per kilogram: $5.25

Cost of bonus in kgs of fuel per flight: 36.8 kgs

It's hard to quantify these things precisely, but my instinct tells me that the difference in fuel savings between highly motivated pilots and those who feel demoralized would be significantly greater than 37 kgs of fuel per sector.

Using the B777-300ER as an example:
- one minute in the cruise is equal to about 100 kgs
- one minute of taxi uses about 33 kgs

A highly motivated flight crew using every trick in the book could probably save in the order of 200 to 1,000 kgs per flight depending on the circumstances.

Judging by the tone of the posts contained within this thread, our Captains feel very betrayed and I sense that their motivation is at an all-time low. If I am correct, then the attempt to save HK $33,250,000 (US $4,290,323) may actually result in losses that are several multiples greater than the initial amount saved.

[Trafalgar]

As an aside to the above. The cost of the bonus equated to $25 usd / flt. Can a single Captain in this airline deny that since December, our focus on 'safety' has probably resulted in 3 - 4 X that amount per flight. I am very safe....

[oriental flyer]

I used to avoid thunderstorms using the minimum deviation possible , not any more , I used to check the winds at higher altitude with other aircraft in the vicinity to get the best possible fuel consumption . Not any more . I used to always operate at or as close to optimum levels as possible . Not any more
I used to take the first available hsto after landing for a shorter taxi . Not any more . I used to employ RETI as soon as possible . Now I couldn’t be bothered
The list goes on and on ,
I no longer care about fuel saving , passenger comfort has become my mantra . If it’s turbulent descend to a level with smooth air , never call visual only accept radar vectors , always configure early I don’t want to ping an FDAP

[Arfur Dent]

Why wouldn't a reasonably well educated and intelligent DFO realise that. Seems crazy not to look after your Captains.

[Scoreboard]

I used to avoid thunderstorms using the minimum deviation possible , not any more , I used to check the winds at higher altitude with other aircraft in the vicinity to get the best possible fuel consumption . Not any more . I used to always operate at or as close to optimum levels as possible . Not any more
I used to take the first available hsto after landing for a shorter taxi . Not any more . I used to employ RETI as soon as possible . Now I couldn’t be bothered
The list goes on and on ,
I no longer care about fuel saving , passenger comfort has become my mantra . If it’s turbulent descend to a level with smooth air , never call visual only accept radar vectors , always configure early I don’t want to ping an FDAP


ROFLMAO ....to the exact amount is what I do.....discretion.....like wtf is that?.....i dont hear that word anymore if I am even bothered to be asked......I would say “December” if I was even bothered by a manager....u want me to do what? U expect me to keep the show on the road? God I wish I would be asked......all they would record is my laughter.....dumbasses

[corrigin]

I used to avoid thunderstorms using the minimum deviation possible , not any more , I used to check the winds at higher altitude with other aircraft in the vicinity to get the best possible fuel consumption . Not any more . I used to always operate at or as close to optimum levels as possible . Not any more
I used to take the first available hsto after landing for a shorter taxi . Not any more . I used to employ RETI as soon as possible . Now I couldn’t be bothered
The list goes on and on ,
I no longer care about fuel saving , passenger comfort has become my mantra . If it’s turbulent descend to a level with smooth air , never call visual only accept radar vectors , always configure early I don’t want to ping an FDAP


Be very cautious; there are quite a few extremely keen future management individuals who will drop your name whenever they fly with the GMO, GMF or various management pilots of the respective fleets.
Yes, the very same individuals that are AOA members :ugh:

[Shep69]

Be very cautious; there are quite a few extremely keen future management individuals who will drop your name whenever they fly with the GMO, GMF or various management pilots of the respective fleets.
Yes, the very same individuals that are AOA members :ugh:

Ya know, I don't think anyone of quality much gives a d@mn anymore.

In all sincerity there really IS very good reason for doing what it takes to enhance passenger comfort. And that's YOUR comfort too--as well as the cabin crew who is doing the legwork walking around the back.

[oriental flyer]

Corrigin , thanks for the heads up I appreciate your concern but at this stage I really don’t care .
So what if a super keen management wannabe reports me for avoiding a Cb by a wide margin . Its a judgement call and I will put my 30plus years in Aviation against their 5-10 anytime .
I’m usually configured early so what ? The alternative if I’m called in to answer for it is to push the envelope . Then when I’m not stable a missed approach is called for , kiss 3-5 tonnes of fuel goodbye . Mind you that sounds like a great idea I might take that on board.

You cannot live in fear your entire life , sometimes you have to take a stand . Scratch my back and I will happily scratch yours . Screw me over and I will make it my mission to repay the favour

[corrigin]

Shep69 and Oriental Flyer,

I agree with you both; no qualms from me. I mention it because I've recently received an e-mail from the GMO asking me to explain myself for doing just that (avoiding a CB by a wide margin) and the report states that I burned unnecessary contingency fuel (in accordance to a colleague (per GMO's words)).
I've responded courteously and professionally, as usual, explaining myself without any remorse citing safety and passenger comfort supersedes fuel savings. Have yet to receive a response from him.

Oriental Flyer, ABSOLUTELY, One cannot live in fear especially when it comes to your safety as well as your license. All I'm saying is that, unfortunately, there are more juniors nowadays that have come onboard with the assistance from the 'Bank of Mum and Dad', and somehow believe that their five years of experience is on par with your thirty plus.

Two things I am sure of:

(1) They are only here because they would NOT pass an interview in any other airline.

(2) They would NOT have lasted in this airline during the days of Hal Dybal etc.

Like yourself, I too am configured to be stable with 'room to spare' before the company limit (which again, people seem to believe this is some sort of target as my previous Chief Pilot would say.

My point is: Be aware. Time has changed and unfortunately, not for the better.

[Trafalgar]

corrigin. I call a BS on that. Two reasons:. firstly, you are mentioning a specific incident. If in fact that happened, you have identified yourself to the originator of said query, the GMO. For that reason, I don't believe this is a true story, as you would hardly want to add to his upset with this public revelation. Secondly, I can't believe even this management would question a deviation for weather (other than if it led to other problems, like airspace violations or separation criteria). This story strikes me as an obfuscated attempt to 'scare off' pilots in CX from taking any action. My 2c worth.

[Arfur Dent]

Corrigin
How did the GMO know how far away the CB was?? Did the F/O report you?? Let's have his name if that's the case. Arse.

[Landflap]

I normally visit the Fragrant Harbour threads for a bit of a laff at you guys swinging your handbags at each other but it is no longer entertaining and a very dismal read. CX looks to have declined into a miserable outfit. Very distressing for some. My heart goes out to many of you who enjoyed the golden era and some, like Traf, who has spent his entire career there, only to be broken by what he now observes. To the latter, Sir, maybe time to move on & cherish the memories. Pour yourself a cheeky one & flip through those lovely old photo albums. The anxiety you regularly display at the "toxic" environment you currently suffer will prove very costly to your health.


Those of us from the golden era will have enjoyed the best. It has slowly changed. I find little to encourage youngsters, who regularly ask for my opinion, about the profession. Just not the same anymore.


CX, from what many describe in these pages appears no better than the miserable cowboy outfit I suffered following the collapse of a major European. Mate of mine, in the same outfit engineered an early departure and never looked back.Took me with him & we really have enjoyed looking back over the last 30 years.


Raising a Sunday brunch glass to the good ole CX days Long gone. Won't come back.
Very sad to read of the professional distaste for what was, once, a splendid carrier.

[Trafalgar]

Landflap. Appreciate your sincere and thoughtful post. Although I can understand the advice you have provided, let me assure you that I am quite serene about my own circumstance, and I don't lose much sleep over the current situation as it pertains to me personally. What I am motivated by however is the responsibility towards the traveling public, and my other colleagues. In particular, I do not wish to see CX manipulate and cheat hundreds of good people out of what should be a good career in aviation, both for them and their families.

CX is toxic, and unless some of us clearly and methodically take on the appalling management that is Swire, many more pilots will be led off track by wasting years at CX, before recognising they must leave to salvage their careers and secure their families long term future. If I can help one fellow pilot avoid that fate, then my efforts will have been worth it. I assure you, I personally take much satisfaction in laying bare the machinations and deceit of the CX / Swire management, and am gratified to see that many pilots at this airline are now stirring and making their plans to leave. The ever increasing resignation rate is the proof that the message is finally becoming understood.

Best wishes. Traf

[corrigin]

Corrigin
How did the GMO know how far away the CB was?? Did the F/O report you?? Let's have his name if that's the case. Arse.

Affirm - PM sent to you.

[OK4Wire]

If we have FOs like that, then Arfur is not the only one who would like to know his or her name!

It's bad enough "playing" the cabin crew's reporting game...

[Arfur Dent]

Corrigin - Thanks for PM. You don't accept replies apparently which is fine. All I would say is check "the books" for the "approved techniques" and report accordingly if required. Consider taking an AOA rep with you to any interview. This FO has given your name to the GMO which is unforgivable in these circumstances. Weather avoidance is very much a judgement call and that's what you get paid for. You shouldn't have to justify yourself afterwards. I was 150 miles off track in the ITCZ once. What a sad place CX has become.
Good luck to you anyway. Stand your ground - that's what you get paid for too.

[Trafalgar]

If legit, then the FO needs to be named. If legit, then my apologies and sympathy. This FO needs to be neutered from doing any more harm. Disgusting. The simple comment to management would be "I was there, you weren't".

[Brokeidiot]

Don’t believe it would be a good idea for him to name and shame as much as we want to. That would identify the CN and open him up victimization in the work force now. Unless the FO in question has done it on multiple occasions in which case the CN could have plausible deniability.

[Trafalgar]

So, it's acceptable to have an FO attempt intimidation and a reckless attempt at damaging a Captain, but he can do it without fear of any comeback? If that is where this airline has gone, then it's over. Try that at BA or QF and see where your career goes...

[Freehills]

What's to fear? It's an open and just reporting culture supposedly, and comments like "FO's need to be neutered" are the sort of workplace bullying that can lead to an FO not reporting genuinely unsafe behaviour from a fear of being ostracised/ seen as a snitch

[Trafalgar]

"Bullying"...? Grow up. It's a phrase, not a threat...not planning on removing his testicles. What exactly would be 'unsafe' by avoiding a thunderstorm by a 'wide margin' ? It seems the supergrass felt that the Captain was doing so to be 'anti-company'. That at least seems to be the inference. If that is the case, my comment about neutering is valid. I am not going to have FO's marching into the Fleet Office and suggesting that my actions are anti-company, just because I decided to be conservative. That road leads to Hell...

[Trafalgar]

Regardless of the facts, this type of incident/story only adds to the weight of evidence that this company is in a death-spiral. It's bad enough we have to fight a venal, incompetent and malicious management. It's another thing altogether when our own colleagues think that speaking to a manager about something like this is appropriate. That sort of individual will surely not last in the long run in this industry.

[Freehills]

Anyway - back to the topic. Notice to the stock market today that our chairman has bought a flat from Swire for 120m HKD. So, he obviously isn't short of a bob or two, despite fuel hedging etc.

[Trafalgar]

....sorry Freehills, you are right, we are getting distracted. CX has a way of making that happen... I suppose this means that the HKPA recipients are asking for too much. After all, if he paid them a decent housing allowance, it would affect his bonus, and he wouldn't be able to pay $120M for his new palace.