Time for a little 'perspective' Mr Joyce?

[Rated De]

If it is true a long serving employee has been disciplined penning a critique of policy. If it is also true that the childish response suggests staff have clouded perspective, then this ought clear it up.

Indeed Mr Joyce has 'transformed' airline CEO remuneration, amassing nearly AUD $80 million in the same time that a peer CEO at Singapore Airlines, Mr Goh Choon Phong has grossed nearly AUD $28 million.
We note Mr Clifford's axiomatic explanation, that Mr Joyce's remuneration is less than FY17, but it still is nearly three times higher than Mr Goh Choon Phong. True to form as ever, but as usual misses the point.

Surely then Mr Joyce for this level of remuneration has indeed 'transformed' the company?



Mr Goh Choon Phong earned over AUD $4 billion for their shareholders at SIA, in contrast Qantas statutory profit is less than $800 million
It would appear that perspective is indeed subject to being clouded,

A comparison of audited facts suggest the self anointed 'greatest airline management' might be a little deluded.

[ALAEA Fed Sec]

[CurtainTwitcher]

ALAEA Fed Sec the data on the MiG is inaccurate.

You need to include his earlier earnings as Jetstar CEO, sourced from 2005 ~ 2008 Qantas Annual Report
2008 2,395,414
2007 1,659,238
2006 1,423,530
2005 1,418,599
---------------------
Total $6,896,791

[PPRuNeUser0198]

I don't think it is right to compare profit after tax as a measure of company performance on business in different jurisdictions, with different laws, and who are operating in different business cycles, and using non-statutory measures.

And in terms on Alan's renumeration; wasn't the spike a result of his LTIP vesting, which is part of his renumeration package, and linked to various metrics, which have been realised?

[V-Jet]

I don't think it is right to compare profit after tax as a measure of company performance on business in different jurisdictions, with different laws, and who are operating in different business cycles, and using non-statutory measures.

And in terms on Alan's renumeration; wasn't the spike a result of his LTIP vesting, which is part of his renumeration package, and linked to various metrics, which have been realised?

It's a pleasure to have you take part in a professional aviation forum Mr Clifford!

[Going Boeing]

Wasn’t it very fortunate for Joyce that the “write down” of Company assets happened to coincide with the start of the executives Long Term Incentive Plan. It nicely meant that the shares that they were to receive were locked in at the lowest possible price (circa 83 cents) and over the next four years, the company was magically profitable with resultant significant gains in the share price - aided, of course, by using some of the profits to buy back shares (thus keeping the share dividends fairly lean).

It can only be considered luck that the share price was extremely low at the start of the LTIP yet was in the stratosphere when it matured - I don’t know why the institutional shareholders aren’t looking into this more actively considering they were denied share value and dividends while when the share price was being driven down.

[Rated De]

Originally Posted by Going Boeing

Wasn’t it very fortunate for Joyce that the “write down” of Company assets happened to coincide with the start of the executives Long Term Incentive Plan. It nicely meant that the shares that they were to receive were locked in at the lowest possible price (circa 83 cents) and over the next four years, the company was magically profitable with resultant significant gains in the share price - aided, of course, by using some of the profits to buy back shares (thus keeping the share dividends fairly lean).

It can only be considered luck that the share price was extremely low at the start of the LTIP yet was in the stratosphere when it matured - I don’t know why the institutional shareholders aren’t looking into this more actively considering they were denied share value and dividends while when the share price was being driven down.

Extreme luck. Considering that an asset impairment is management prerogative, it was extremely lucky that the metrics the remuneration committee 'chose' for Mr Joyce were set at an equally low level to achieve the amazing 'transformation'

[Street garbage]

I see the thread "when is a bonus not a bonus" with Mr Joyce's response, has been removed...

[dragon man]

Originally Posted by Street garbage

I see the thread "when is a bonus not a bonus" with Mr Joyce's response, has been removed...

I wonder if it was the moderators under legal threat or the Captain who started it under duress from the company?

[ALAEA Fed Sec]

Originally Posted by CurtainTwitcher

ALAEA Fed Sec the data on the MiG is inaccurate.

You need to include his earlier earnings as Jetstar CEO, sourced from 2005 ~ 2008 Qantas Annual Report
2008 2,395,414
2007 1,659,238
2006 1,423,530
2005 1,418,599
---------------------
Total $6,896,791

Alan is certainly doing ok. Add another 10.9M for this year. To put things in perspective, Uncle Geoff was CEO for 9 years and earned $46M with a total profit of $4.8B.

[ACMS]

Oh, Alan just has good timing

[V-Jet]

I have some sympathy with Alan. If employees didn’t have such clouded judgement, one can only surmise that his remuneration (‘luck’?) may have been so much greater and maybe a dollar of profit might have been able to have been made during his tenure.

Clearly that embarrassing and appalling demonstration of bullying and managerial ineptitude has ruffled sequinned feathers in some way or the thread wouldn’t have been removed. This would suggest it was indeed genuine. What a disgraceful performance.

[Rated De]

Originally Posted by ACMS

Oh, Alan just has good timing

And in terms on Alan's renumeration; wasn't the spike a result of his LTIP vesting, which is part of his renumeration package, and linked to various metrics, which have been realised?

And just to add further context to this amazing performance, the 'achieved metrics' and to Mr Joyce's incredible luck:

The STIP (short term incentive plan) includes such interesting metrics as:

• Underlying PBT A management approved profit (Non statutory) measure (How lucky is that?)
• Such novel benchmarks as the Bain and Company "Net Promoter Score" (by management consultants, for management-You're Welcome!) https://en.wikipedia.org/wiki/Net_Promoter
• Punctuality ( He gets a bonus from OTP!)
• Domestic network advantage (what does that mean?)
• Board’s assessment of Operational Safety (like asking your barber if you need a haircut really)

Qantas’ 3-year TSR performance compared to:
– ASX100 companies
– A global airline peer group

Over the 3-year performance period of the 2016–2018 LTIP (LONG TERM INCENTIVE PLAN)
the Qantas share price grew from $3.16 to $6.16,

Boy they were lucky! All rather coincidentally they decided to impair the CGU in FY14! A $326 million depreciation saving the next year, a turnaround profit and share price improvement as well!

Lucky wasn't it!

[tail wheel]

I wonder if it was the moderators under legal threat or the Captain who started it under duress from the company?

PPRuNe Moderators did not delete the thread.

[gordonfvckingramsay]

PPRuNe Moderators did not delete the thread

Option 2 then?

[dragon man]

Originally Posted by tail wheel

PPRuNe Moderators did not delete the thread.

Thank you.

[Keg]

Maybe it wasn’t the captain who wrote the letter who started the thread and whilst he didn’t mind it being discussed on in general terms, didn’t want the text out in public? As such he asked whoever posted it to take it down?

[ruprecht]

It’s on qrewroom now.

[rowdy trousers]

According to yesterday’s news, Joyce’s pay has nosedived to about half that of the previous year - no wonder he is so upset about the letter. How is anyone supposed to survive on only $12m - $13m?. Forget about donating the bonus to the drought stricken farmers, we need to give it to poor Alan.

[Popgun]

This action clearly fails the Pub Test. AJ and his senior advisors have failed to accurately read the room here.

With several pilot EAs due for renegotiation in the near future, I suspect that this current senior management team will only bargain with a modicum of honesty if they have the threat of protected industrial action on the table.

It will be interesting to see whether the pilot groups and their union/s move for overwhelming no votes followed by the lodgement of a PIA application.

PG