Shock horror - the boss is taking a pay freeze
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Shock horror - the boss is taking a pay freeze
https://www.nzherald.co.nz/business/...ectid=12315366
"Chief executive of coronavirus-hit Qantas Alan Joyce is giving up his salary for the rest of the year."
"Chief executive of coronavirus-hit Qantas Alan Joyce is giving up his salary for the rest of the year."
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https://www.nzherald.co.nz/business/...ectid=12315366
"Chief executive of coronavirus-hit Qantas Alan Joyce is giving up his salary for the rest of the year."
"Chief executive of coronavirus-hit Qantas Alan Joyce is giving up his salary for the rest of the year."
I believe it’s for the rest of the financial year. A whopping 3 months.
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Yeah, he can probably ride this one out. In fairness, they've also cancelled all management bonuses for the year so, combined with no salary for three months, he's probably only taking home a measly $3.75m for the year.
Basically starvation wages.
Basically starvation wages.
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Smoke and Mirror Act by yet another hollow man
As I said in the ANZ thread, the same principle applies to Wantas;
“Don’t be fooled by such supposed generosity - a pay freeze is a mild haircut. What they don’t tell you is that Joyce still gets share options (even if they drop in value, they are still free for him!), he gets a sign-on bonus, retention bonus, performance bonus and then a bonus based on profit/revenue. DO NOT BE FOOLED. This CEO is still earning millions!!!!
its a game of smoke and mirrors. It’s a joke.
“Don’t be fooled by such supposed generosity - a pay freeze is a mild haircut. What they don’t tell you is that Joyce still gets share options (even if they drop in value, they are still free for him!), he gets a sign-on bonus, retention bonus, performance bonus and then a bonus based on profit/revenue. DO NOT BE FOOLED. This CEO is still earning millions!!!!
its a game of smoke and mirrors. It’s a joke.
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As I said in the ANZ thread, the same principle applies to Wantas;
“Don’t be fooled by such supposed generosity - a pay freeze is a mild haircut. What they don’t tell you is that Joyce still gets share options (even if they drop in value, they are still free for him!), he gets a sign-on bonus, retention bonus, performance bonus and then a bonus based on profit/revenue. DO NOT BE FOOLED. This CEO is still earning millions!!!!
its a game of smoke and mirrors. It’s a joke.
“Don’t be fooled by such supposed generosity - a pay freeze is a mild haircut. What they don’t tell you is that Joyce still gets share options (even if they drop in value, they are still free for him!), he gets a sign-on bonus, retention bonus, performance bonus and then a bonus based on profit/revenue. DO NOT BE FOOLED. This CEO is still earning millions!!!!
its a game of smoke and mirrors. It’s a joke.
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The QANTAS shareholders responsibility
Having absolutely no idea about the sharemarket or how it operates, this may simply be me,showing my naivety.
Dont shareholders have an ethical responsibility in all this. As their returns depend very much on the peaks and troughs of the Companies performance, don't they have an opportunity to step up and display good intention and ethics, and stand behind the staff that play in an integral role in the Company performance. Surely a case could be put to them by Mr Joyce and the PM encouraging them to stand behind this Company.
By standing behind the staff and protecting the employment of fulltime, part time and casual staff, but perhaps accepting a significantly reduced dividend for the short term it would be a noble gesture. A great opportunity for shareholders to make a bold statement and take some commercial pressure of the decision making process. Send a clear message that the shareholders are fully supportive of the Company and staff.
Once its all over, as it will be, it would be a great way to move forward collaboratively.
Ive had an opportunity to fly QANTAS fairly regularly until recent times, and there is no doubt its an exceptional team portraying an admirable corporate image. Every time i flew with them i was impressed on every occasion about how much they share the Companies vision. I know that the salries have been somewhat of a controversial issue but as a customer, i never sensed any disenchantment among the staff.
Dont shareholders have an ethical responsibility in all this. As their returns depend very much on the peaks and troughs of the Companies performance, don't they have an opportunity to step up and display good intention and ethics, and stand behind the staff that play in an integral role in the Company performance. Surely a case could be put to them by Mr Joyce and the PM encouraging them to stand behind this Company.
By standing behind the staff and protecting the employment of fulltime, part time and casual staff, but perhaps accepting a significantly reduced dividend for the short term it would be a noble gesture. A great opportunity for shareholders to make a bold statement and take some commercial pressure of the decision making process. Send a clear message that the shareholders are fully supportive of the Company and staff.
Once its all over, as it will be, it would be a great way to move forward collaboratively.
Ive had an opportunity to fly QANTAS fairly regularly until recent times, and there is no doubt its an exceptional team portraying an admirable corporate image. Every time i flew with them i was impressed on every occasion about how much they share the Companies vision. I know that the salries have been somewhat of a controversial issue but as a customer, i never sensed any disenchantment among the staff.
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Ive had an opportunity to fly QANTAS fairly regularly until recent times, and there is no doubt its an exceptional team portraying an admirable corporate image. Every time i flew with them i was impressed on every occasion about how much they share the Companies vision. I know that the salries have been somewhat of a controversial issue but as a customer, i never sensed any disenchantment among the staff.
The dividend for this next reporting period will no doubt be reduced in line with the expected reduction in profit. As for shareholders voicing their opinions, there are strict rules around calling meetings etc or putting resolutions to management. And anyway ultimately it is a management decision about how much to pay out. That is what they get the big bucks for. Having said that, any company is loathed to reduce dividends as it sends a bad signal to the shareholders and the market in general about the ongoing profit levels of the company. But I would fully expect a reduction in Qantas dividend as well as a number of other companies for the next reporting period. Read companies like Woodside etc.
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“Dont shareholders have an ethical responsibility in all this”
No Glenb, they don’t. Shareholders, unless they hold an amount of shares that may have an impact on an AGM, are just along for the ride.
The group which should hold some form of responsibility is the Board of Directors.
And they should be held to hold the same responsibilities as a Trustee has to his/her beneficiaries.
As in, misuse money to benefit yourself over the persons to whom the duty is owed means some severe sanctions.
In the case of the company, the duty should be owed to the shareholders, for example not to authorise the CEO to walk off with some eye-watering bonuses for doing his/her job.
Nor as Directors to give themselves nice little thank-myselfs like free overseas hols for doing their job. Nor authorise over the market payments to act as a director via some form of Board committee to justify it.
That is the ethical part.
If anyone can provide a sample of it occurring in Australia since the Bond and Connell eras, I would love to hear of it.
No Glenb, they don’t. Shareholders, unless they hold an amount of shares that may have an impact on an AGM, are just along for the ride.
The group which should hold some form of responsibility is the Board of Directors.
And they should be held to hold the same responsibilities as a Trustee has to his/her beneficiaries.
As in, misuse money to benefit yourself over the persons to whom the duty is owed means some severe sanctions.
In the case of the company, the duty should be owed to the shareholders, for example not to authorise the CEO to walk off with some eye-watering bonuses for doing his/her job.
Nor as Directors to give themselves nice little thank-myselfs like free overseas hols for doing their job. Nor authorise over the market payments to act as a director via some form of Board committee to justify it.
That is the ethical part.
If anyone can provide a sample of it occurring in Australia since the Bond and Connell eras, I would love to hear of it.
https://www.nzherald.co.nz/business/...ectid=12315366
"Chief executive of coronavirus-hit Qantas Alan Joyce is giving up his salary for the rest of the year."
"Chief executive of coronavirus-hit Qantas Alan Joyce is giving up his salary for the rest of the year."
Reading here and elsewhere, it seems to me that Alan Joyce is on a hiding to nothing, no matter what he does. Is it not time for the critics and 'experts' to grow up?
Last edited by Ken Borough; 10th Mar 2020 at 07:50. Reason: Correct typo.
Is it not time for the critics and 'experts' to grow up?
If he had the job of custodian of the Crown Jewels, he would have sold the lot - claimed the profit as justification for his salary, but kept the real estate and continued increasing fees to view the room! AND - he'd get the staff to vote for a pay cut to keep copping abuse from the public to see the empty room. It's a disgrace, but you have to admire the chutzpah of the very wee (but very well compensated) "man'.
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Some thought to fuel the fire: when the times are difficult a manager should earn more because the job is more difficult. Or should be fired if he or she cannot handle the situation.
Evertonian