Qantas seeks $1m for board members
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Qantas seeks $1m for board members
AAP
Qantas seeks $1m for board members
Date: 13/09/04
By Kaaren Morrissey
Qantas Airways Ltd shareholders will be asked to vote on a collective $1 million pay rise for its board members and new equity bonuses for its chief executive, following its 2003/04 record net profit result.
The airline last month reported an 89 per cent rise in net profit to a record $648.4 million as the airline market regained some stability after a turbulent two years.
Qantas will seek to increase the collective maximum amount paid to its 10 non-executive directors to $2.5 million a year from $1.5 million at a shareholder meeting to be held in Brisbane on October 21.
Board members fees totalled $1.47 million in 2003/04.
"Increasing the maximum amount of non-executive director fees payable will give the board the ability over the next two to three years to increase non-executive directors' fees in line with market conditions," the airline said in its notice of meeting to shareholders.
At present, chairwoman Margaret Jackson is paid an annual fee of $400,000 plus an additional $30,000 in recognition of extra workloads.
Non-executive directors are paid $10,000 in fees plus an extra workload fee of $20,000.
Some shareholders may be voting for the first time after investors last week rushed to buy a 336 million slab of shares offloaded by British Airways plc.
A bookbuild for the stake was cleared at $3.28 per share via underwriters Citigroup.
US investment manager Capital Group Companies Inc and long time Qantas shareholder on Monday said it had increased its stake in Qantas to 10.53 per cent, from 7.34 per cent.
The global investor now holds a total of 194.31 million Qantas shares, up from 133.80 million when it lodged its last substantial shareholding notice with the Australian Stock Exchange on April 23.
The BA sale freed up a large parcel of Qantas shares, offering greater liquidity to offshore investors which are limited to holding a total of 49 per cent of Qantas.
"There is talk that Singapore joint venture partner in Qantas' (yet to be named) discount Asian airline picked up just less than five per cent of Qantas in the placement," said Marcus Padley, of the Marcus Today stockmarket newsletter.
Qantas' 50.1 per cent joint venture investors in the airline are Singapore's Temasek Holdings with 19 per cent and Singapore businessmen Tony Chew with 21.1 per cent and FF Wong with 10 per cent.
Temasek holds about 57 per cent of regional rival Singapore Airlines.
Copyright © 2004
==========================================
Qantas seeks $1m for board members
Date: 13/09/04
By Kaaren Morrissey
Qantas Airways Ltd shareholders will be asked to vote on a collective $1 million pay rise for its board members and new equity bonuses for its chief executive, following its 2003/04 record net profit result.
The airline last month reported an 89 per cent rise in net profit to a record $648.4 million as the airline market regained some stability after a turbulent two years.
Qantas will seek to increase the collective maximum amount paid to its 10 non-executive directors to $2.5 million a year from $1.5 million at a shareholder meeting to be held in Brisbane on October 21.
Board members fees totalled $1.47 million in 2003/04.
"Increasing the maximum amount of non-executive director fees payable will give the board the ability over the next two to three years to increase non-executive directors' fees in line with market conditions," the airline said in its notice of meeting to shareholders.
At present, chairwoman Margaret Jackson is paid an annual fee of $400,000 plus an additional $30,000 in recognition of extra workloads.
Non-executive directors are paid $10,000 in fees plus an extra workload fee of $20,000.
Some shareholders may be voting for the first time after investors last week rushed to buy a 336 million slab of shares offloaded by British Airways plc.
A bookbuild for the stake was cleared at $3.28 per share via underwriters Citigroup.
US investment manager Capital Group Companies Inc and long time Qantas shareholder on Monday said it had increased its stake in Qantas to 10.53 per cent, from 7.34 per cent.
The global investor now holds a total of 194.31 million Qantas shares, up from 133.80 million when it lodged its last substantial shareholding notice with the Australian Stock Exchange on April 23.
The BA sale freed up a large parcel of Qantas shares, offering greater liquidity to offshore investors which are limited to holding a total of 49 per cent of Qantas.
"There is talk that Singapore joint venture partner in Qantas' (yet to be named) discount Asian airline picked up just less than five per cent of Qantas in the placement," said Marcus Padley, of the Marcus Today stockmarket newsletter.
Qantas' 50.1 per cent joint venture investors in the airline are Singapore's Temasek Holdings with 19 per cent and Singapore businessmen Tony Chew with 21.1 per cent and FF Wong with 10 per cent.
Temasek holds about 57 per cent of regional rival Singapore Airlines.
Copyright © 2004
==========================================
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At present, chairwoman Margaret Jackson is paid an annual fee of $400,000 plus an additional $30,000 in recognition of extra workloads.
We would like a slice of this pie too.
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Qantas board after 66% pay rise
Tues "Sydney Morning Herald"
Qantas board after 66% pay rise
By James Chessell
September 14, 2004
Qantas claims to be battling rising fuel costs and an "uneven playing field" but the national carrier believes these "significant challenges" should not stop shareholders increasing the amount it can pay its non-executive directors by 66 per cent.
The airline also revealed yesterday chief executive Geoff Dixon and chairman Margaret Jackson received hefty pay rises in 2004.
The announcements infuriated unions, which promised to campaign against the proposal to increase the maximum aggregate non-executive directors' fees by $1 million to $2.5 million.
"In the same breath it is asking its workers to accept a 3 per cent annual pay rise because of the difficult economic environment," said Linda White of the Australian Services Union, whose members account for about a third of Qantas' workforce.
"The board is doing this just two years after they gave themselves a generous pay rise.
"We'll be urging our members and superannuation fund managers to vote against these resolutions," Ms White said.
The proposal, which is subject to approval at next month's annual meeting in Brisbane and follows a 35 per cent increase in non-executive directors' fees in 2002, was also criticised by the Australian Shareholders Association.
"It should not be out of line with what the workers are getting," said the chairman of the ASA, John Curry.
In its notice of meeting, Qantas said the proposal "will give the board the ability over the next two to three years to increase non-executive director's fees in line with market conditions".
The ASA and unions said the proposed pay rise was questionable, given Qantas used the announcement of a solid $648.4 million profit last month to warn that record oil prices and competition from government-owned airlines such as Emirates had created an "uneven playing field".
In a joint letter to shareholders in the annual report released yesterday, Ms Jackson and Mr Dixon again warned the oil price "is the major factor facing Qantas and the aviation industry worldwide".
A Qantas spokesman would not comment on whether the proposal to increase directors' pay was appropriate given its 3 per cent offer to workers and tough conditions for the industry, saying: "The only issue is that the issue will be put to shareholders at the AGM."
Mr Dixon's total package for 2004 was $6.09 million - compared with the $1,637,696 he took home in the money-losing 2003 - and included a $1.47 million end of service payment, $72,000 of superannuation and travel worth $18,600.
Last month, Qantas extended Mr Dixon's contract to July 1, 2007. He will receive a base salary of $2 million a year and a cash bonus of up to 60 per cent of his base salary on reaching "agreed targets".
Ms Jackson's total package of $484,714 compared with the $372,735 she earned in 2003 and included $9300 in travel.
Qantas is also seeking the re-election to the board of Ms Jackson, non-executive directors Mike Codd, Patricia Cross and James Packer. US fund manager Capital Group yesterday said it had increased its stake in Qantas from 7.34 to 10.53 per cent.
===========================================
Qantas board after 66% pay rise
By James Chessell
September 14, 2004
Qantas claims to be battling rising fuel costs and an "uneven playing field" but the national carrier believes these "significant challenges" should not stop shareholders increasing the amount it can pay its non-executive directors by 66 per cent.
The airline also revealed yesterday chief executive Geoff Dixon and chairman Margaret Jackson received hefty pay rises in 2004.
The announcements infuriated unions, which promised to campaign against the proposal to increase the maximum aggregate non-executive directors' fees by $1 million to $2.5 million.
"In the same breath it is asking its workers to accept a 3 per cent annual pay rise because of the difficult economic environment," said Linda White of the Australian Services Union, whose members account for about a third of Qantas' workforce.
"The board is doing this just two years after they gave themselves a generous pay rise.
"We'll be urging our members and superannuation fund managers to vote against these resolutions," Ms White said.
The proposal, which is subject to approval at next month's annual meeting in Brisbane and follows a 35 per cent increase in non-executive directors' fees in 2002, was also criticised by the Australian Shareholders Association.
"It should not be out of line with what the workers are getting," said the chairman of the ASA, John Curry.
In its notice of meeting, Qantas said the proposal "will give the board the ability over the next two to three years to increase non-executive director's fees in line with market conditions".
The ASA and unions said the proposed pay rise was questionable, given Qantas used the announcement of a solid $648.4 million profit last month to warn that record oil prices and competition from government-owned airlines such as Emirates had created an "uneven playing field".
In a joint letter to shareholders in the annual report released yesterday, Ms Jackson and Mr Dixon again warned the oil price "is the major factor facing Qantas and the aviation industry worldwide".
A Qantas spokesman would not comment on whether the proposal to increase directors' pay was appropriate given its 3 per cent offer to workers and tough conditions for the industry, saying: "The only issue is that the issue will be put to shareholders at the AGM."
Mr Dixon's total package for 2004 was $6.09 million - compared with the $1,637,696 he took home in the money-losing 2003 - and included a $1.47 million end of service payment, $72,000 of superannuation and travel worth $18,600.
Last month, Qantas extended Mr Dixon's contract to July 1, 2007. He will receive a base salary of $2 million a year and a cash bonus of up to 60 per cent of his base salary on reaching "agreed targets".
Ms Jackson's total package of $484,714 compared with the $372,735 she earned in 2003 and included $9300 in travel.
Qantas is also seeking the re-election to the board of Ms Jackson, non-executive directors Mike Codd, Patricia Cross and James Packer. US fund manager Capital Group yesterday said it had increased its stake in Qantas from 7.34 to 10.53 per cent.
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Moderate, Modest & Mild.
From memory, it was the Financial Review that coined that phraseology specifically for QF executives, more than 2 years ago when this thread ran QANTAS execs....pigs at the trough
Ethics??? Morals????OINK, OINK!!
Talk about leading by example
Ethics??? Morals????OINK, OINK!!
Talk about leading by example
From an article in The Australian yesterday:
"Fiscal 2004's record result also means shareholders will be asked to award Mr. Dixon up to 150 000 and Mr.Gregg 90 000 shares under the deferred share scheme. The shares reward the executives for reaching targets which measured reduced labour costs, punctuality improvements, customer satisfaction and sustainable future cost reduction targets."
In other words, well done boys, you've done a great job screwing the staff - here, have some more shares.
"Fiscal 2004's record result also means shareholders will be asked to award Mr. Dixon up to 150 000 and Mr.Gregg 90 000 shares under the deferred share scheme. The shares reward the executives for reaching targets which measured reduced labour costs, punctuality improvements, customer satisfaction and sustainable future cost reduction targets."
In other words, well done boys, you've done a great job screwing the staff - here, have some more shares.
