Joyce ‘retires’ early 👍
What more evidence do you need for Chairman's Lounge corruption? The place is so corrupt you get two sides of the chamber to collude to shut down an inquiry into corruption! Clearly nothing going on!!
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Whilst I agree that the new IR laws will benefit Australian workers these new laws are to ensure that contract positions don’t undercut permanent workers. It doesn’t address work being performed by different entities.
It may affect cabin crew as they have casual and permanent workers on the same aircraft. But it won’t mean a 19 year old casual suddenly goes onto the old school 6 figure salary legacy agreement. They would go to a minimum award wage.
It may affect cabin crew as they have casual and permanent workers on the same aircraft. But it won’t mean a 19 year old casual suddenly goes onto the old school 6 figure salary legacy agreement. They would go to a minimum award wage.
Whilst I agree that the new IR laws will benefit Australian workers these new laws are to ensure that contract positions don’t undercut permanent workers. It doesn’t address work being performed by different entities.
It may affect cabin crew as they have casual and permanent workers on the same aircraft. But it won’t mean a 19 year old casual suddenly goes onto the old school 6 figure salary legacy agreement. They would go to a minimum award wage.
It may affect cabin crew as they have casual and permanent workers on the same aircraft. But it won’t mean a 19 year old casual suddenly goes onto the old school 6 figure salary legacy agreement. They would go to a minimum award wage.
I hope it's the tip of the iceberg in terms of new legislation coming in. We won't get any level of change in the IR department under Dutton.
But at least some of the country's lesser paid employees, including in aviation, will be able to have a better go and not be exploited. No wonder the Business Council, aided by Dutton and his mates, are trying to kill the bill.
Just shows how those 'Senate Inquiries' are just grandstanding opportunities for blowhards like McKenzie to bloviate.
Last edited by dr dre; 20th Oct 2023 at 03:57.
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Yes, I agree 100% with this. Senator BM is getting a lot of air time and is loving it. Shorten is the only pollie that is making sense out of this, I watched an interview with him about it 2 weeks ago he agreed with QATAR not being allowed (guess he is labor course he would as do I actually) but gave solid reasons.
You have to ask though, if the VA credit redemption process was so easy, why do they have so much left unclaimed, less than 3 months from when it all expires.
After going into administration, VA had $1.131 billion in collected fares for flights never flown that was converted into credits. Three years later they have a shade over 37 percent of those credits still on their books.
QF, on the other hand, had $2.031 billion in Unavailed Passenger Revenue on their books as at 30 June 2020, with just over 28 percent left unclaimed three years later.
In absolute dollars, and as a percentage of credits held, a far greater amount has been redeemed by QF punters than VA. That is, at the very least, interesting, if not instructive.
QF, on the other hand, had $2.031 billion in Unavailed Passenger Revenue on their books as at 30 June 2020, with just over 28 percent left unclaimed three years later.
In absolute dollars, and as a percentage of credits held, a far greater amount has been redeemed by QF punters than VA. That is, at the very least, interesting, if not instructive.
Strangely, everyone but Pollies seemed have got decoupled from that mechanism.
60% VOTE AGAINST WOULD BE WOODIE MATERIAL
How large will the vote against executive pay packets be? And will it break the record of 88 per cent set by National Australia Bank shareholders in 2018? Or will investor backlash be more on the scale of the 62 per cent trouncing delivered to Westpac’s board the same year?
It’s most likely to be the latter, but either outcome would be humiliating.
Richard Goyder, Qantas chairman, and Vanessa Hudson, the airline’s chief executive, are likely to get a hostile welcome from investors at the upcoming AGM.CREDIT: ALEX ELLINGHAUSEN A protest vote of 25 per cent is almost a certainty and Qantas chairman Richard Goyder and his crew would be bracing for that.
Most of the major shareholders have already either publicly or privately informed the Qantas board of their dissatisfaction with a list of issues - ranging from the board allowing the then chief executive Alan Joyce to sell the majority of shares back in June to the competition regulator’s allegations that the airline sold tickets for already cancelled flights.
The big shareholders have already extracted a number of concessions, including Goyder’s move to leave his post next year and the early resignations of two long-standing directors.
Todd Sampson walks on a tightrope between approval and dismissal by Qantas shareholders.CREDIT: MARK ROGERS But more bloodletting is almost certainly on the cards, with the fate of another long-standing fixture of Qantas’ board, Todd Sampson, hanging in balance. When proxy votes are counted next Friday, we will know whether the television personality/ brand management guru has the numbers.
Expect Qantas to get ahead of the opprobrium. Sampson will almost certainly not stand for re-election if the numbers pile up against him.If he doesn’t, we can expect an announcement from Qantas that he won’t be standing for election.
But shareholders, large and small, livid with the board’s profligacy in awarding Joyce more than $21 million on his way out of the door, won’t have any meaningful recourse. They won’t get the opportunity to vote on Joyce’s generous pay package at this year’s annual meeting.
Joyce’s reward has already been decided and approved by shareholders, and any move to rein that in will now be at the board’s discretion.
At this point, Joyce’s cash looks mostly safe but not bankable. If the competition regulator’s allegations that Qantas misled and deceived its customers are proven, then Joyce’s long-term options will suffer.
Meanwhile, shareholders will get to vote on a package for new chief executive Vanessa Hudson’s bonus and that verdict could go either way.
This will be a decisive opportunity for shareholders, and they need to make a call on whether they support her as the chief executive or they want someone new.
There is little point in subjecting her to death by a thousand cuts. They need to make a call on whether she was part of the problem or the solution.
Former Qantas chief executive Alan Joyce had said airfares would begin to moderate this year.CREDIT: OSCAR COLMAN Over the past week, Hudson has made two significant announcements. The first is that she is not going to pursue an acquisition of Alliance Airlines, after the Australian Competition and Consumer Commission’s decision to nix the deal.
The second, and more controversial news, is Qantas’ decision to raise airfares by 3.5 per cent in response to elevated fuel costs. The hike comes just a month after Qantas warned that higher fuel costs would feed into fare increases. There’s nthing wrong with the rationale but Hudson’s timing couldn’t be worse.
The customer services issues facing Qantas are still live, and it wasn’t that long ago that Joyce assured the travelling public that fares were on their way down.
From the shareholders’ perspective, there isn’t a lot of rejoicing to be had. Over the past six months, the share price is down more than 28 per cent - thanks in large part to the potential for costs to blow out. If Qantas loses against the ACCC the penalty/settlement could be $250 million. Ditto for the compensation to the ground handling staff that were illegally sacked.
There’s another $200 million in costs to be paid to get customer service back on track - which includes some additional loyalty points-generosity.
As far as winners go, the only ones celebrating would be Qantas short sellers that are now advertising themselves as prophetic investors
OPINION
Qantas board braces for clash with shareholders
Elizabeth Knight
Just how much venom Qantas’ shareholders choose to spew at the airline’s board in the upcoming annual general meeting has got corporate circles buzzing.How large will the vote against executive pay packets be? And will it break the record of 88 per cent set by National Australia Bank shareholders in 2018? Or will investor backlash be more on the scale of the 62 per cent trouncing delivered to Westpac’s board the same year?
It’s most likely to be the latter, but either outcome would be humiliating.
Richard Goyder, Qantas chairman, and Vanessa Hudson, the airline’s chief executive, are likely to get a hostile welcome from investors at the upcoming AGM.CREDIT: ALEX ELLINGHAUSEN A protest vote of 25 per cent is almost a certainty and Qantas chairman Richard Goyder and his crew would be bracing for that.Most of the major shareholders have already either publicly or privately informed the Qantas board of their dissatisfaction with a list of issues - ranging from the board allowing the then chief executive Alan Joyce to sell the majority of shares back in June to the competition regulator’s allegations that the airline sold tickets for already cancelled flights.
The big shareholders have already extracted a number of concessions, including Goyder’s move to leave his post next year and the early resignations of two long-standing directors.
Todd Sampson walks on a tightrope between approval and dismissal by Qantas shareholders.CREDIT: MARK ROGERS But more bloodletting is almost certainly on the cards, with the fate of another long-standing fixture of Qantas’ board, Todd Sampson, hanging in balance. When proxy votes are counted next Friday, we will know whether the television personality/ brand management guru has the numbers.Expect Qantas to get ahead of the opprobrium. Sampson will almost certainly not stand for re-election if the numbers pile up against him.If he doesn’t, we can expect an announcement from Qantas that he won’t be standing for election.
But shareholders, large and small, livid with the board’s profligacy in awarding Joyce more than $21 million on his way out of the door, won’t have any meaningful recourse. They won’t get the opportunity to vote on Joyce’s generous pay package at this year’s annual meeting.
Joyce’s reward has already been decided and approved by shareholders, and any move to rein that in will now be at the board’s discretion.
At this point, Joyce’s cash looks mostly safe but not bankable. If the competition regulator’s allegations that Qantas misled and deceived its customers are proven, then Joyce’s long-term options will suffer.
Meanwhile, shareholders will get to vote on a package for new chief executive Vanessa Hudson’s bonus and that verdict could go either way.
This will be a decisive opportunity for shareholders, and they need to make a call on whether they support her as the chief executive or they want someone new.
There is little point in subjecting her to death by a thousand cuts. They need to make a call on whether she was part of the problem or the solution.
Former Qantas chief executive Alan Joyce had said airfares would begin to moderate this year.CREDIT: OSCAR COLMAN Over the past week, Hudson has made two significant announcements. The first is that she is not going to pursue an acquisition of Alliance Airlines, after the Australian Competition and Consumer Commission’s decision to nix the deal.The second, and more controversial news, is Qantas’ decision to raise airfares by 3.5 per cent in response to elevated fuel costs. The hike comes just a month after Qantas warned that higher fuel costs would feed into fare increases. There’s nthing wrong with the rationale but Hudson’s timing couldn’t be worse.
The customer services issues facing Qantas are still live, and it wasn’t that long ago that Joyce assured the travelling public that fares were on their way down.
From the shareholders’ perspective, there isn’t a lot of rejoicing to be had. Over the past six months, the share price is down more than 28 per cent - thanks in large part to the potential for costs to blow out. If Qantas loses against the ACCC the penalty/settlement could be $250 million. Ditto for the compensation to the ground handling staff that were illegally sacked.
There’s another $200 million in costs to be paid to get customer service back on track - which includes some additional loyalty points-generosity.
As far as winners go, the only ones celebrating would be Qantas short sellers that are now advertising themselves as prophetic investors
How is Joyce selling his shares while knowing about the ACCC investigation NOT insider trading?
How is the ability of directors and CEOS to buy and sell shares in the company they are managing NOT insider trading?
How is the ability of directors and CEOS to buy and sell shares in the company they are managing NOT insider trading?
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By NICK EVANS
- 7:21PM OCTOBER 23, 2023
The APSC quietly updated its guidance on disclosing gifts to public servants on Monday, and the only change?
A pointed note to public agency heads that membership of exclusive airline membership lounges – the Qantas Chairman’s Lounge, along with Virgin’s Beyond Lounge – counts as a “gift” that should be disclosed.
“In circumstances where agency heads are gifted airline lounge memberships (including those which are invitation-only), these must be recorded in their agency’s gifts and benefits register annually or when circumstances change, such as a new or cancelled membership,” says the new disclosure guidance.
Most people might think that should be merely a statement of the bleeding obvious.
But apparently not, given the recent slew of belated disclosures across the public service – prompted partly by the revelation in September that new Reserve Bank governor Michele Bullock had forgotten to disclose her membership of the exclusive invitation-only club at Qantas.
RBA governor Michele Bullock. Picture: John Feder It seems the senior executives across a vast range of federal government agencies had somehow failed to notice that lounge membership might be worth slightly more than the $100 threshold for inclusion in their agency’s gift register. For those playing at home, $100 will buy you about four ham and cheese toasties (with coffee) at Melbourne airport.
Qantas admitted in early October it offered membership of its exclusive club to a raft of senior public servants.
Soon after the Defence Department uploaded a special edition of its gift register dedicated to airline memberships – showing that more than 20 of its top civilian and uniformed personnel had accepted membership to the Qantas and Virgin lounges, including department secretary Greg Moriarty, chief of defence General Angus Campbell, associate secretary Matt Yannopoulos, and the list goes on down the ranks.
The Australian Federal Police banged in its own disclosures in late September, updating its gift registry to include airline lounge memberships for AFP Commissioner Reece Kershaw, three deputy commissioners and its chief operating officer.
As befitting its usual operating mode of pointless secrecy, Home Affairs updated its own list in late September – but didn’t put any dates, names or numbers on the disclosure, saying only that the memberships were received by “senior executives”. Margin Call is a little surprised it didn’t write the affair off as an “operating matter” and decline to disclose anything at all.
Same goes for Services Australia, which purportedly delivers benefits for the country’s poorest and most vulnerable citizens. Its September disclosure noted that an unnamed number of “qualifying department executive officials” accepted the kind of corporate largesse beyond the wildest dreams of the plebs they’re supposed to be helping.
And the list goes on, and on.
Kudos though to new Agriculture, Fisheries and Forestry boss Adam Fennessy, who managed to disclose he had accepted membership of the Chairman’s Lounge before starting his new role on September 18.
Not so much his predecessor, Andrew Metcalfe, who bunged in his own disclosure on October 11 – more than 44 months after being first granted access to the exclusive club.
Here’s what the NSW ICAC says:
What would a reasonable member of the community perceive as Qantas’s intention in offering Chairman’s Lounge largess to politicians and senior public officials, and perceive of them accepting it?
It will be fascinating to see if the NACC adopts a proper stance on the issue, too.
Public officials should not … accept any … benefits or hospitality that could be perceived as intended to influence them, or if they are more than token value. …[W]hat is the perceived intention of the giver, and what would a reasonable member of the community perceive of a public official accepting a gift, benefit or hospitality.
It will be fascinating to see if the NACC adopts a proper stance on the issue, too.
Membership is one thing but to me the bigger one is the upgrades that they are given that are never declared. That IMO should be straight to the corruption commission.
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60% VOTE AGAINST WOULD BE WOODIE MATERIAL
How large will the vote against executive pay packets be? And will it break the record of 88 per cent set by National Australia Bank shareholders in 2018? Or will investor backlash be more on the scale of the 62 per cent trouncing delivered to Westpac’s board the same year?
It’s most likely to be the latter, but either outcome would be humiliating. Richard Goyder, Qantas chairman, and Vanessa Hudson, the airline’s chief executive, are likely to get a hostile welcome from investors at the upcoming AGM.CREDIT: ALEX ELLINGHAUSEN A protest vote of 25 per cent is almost a certainty and Qantas chairman Richard Goyder and his crew would be bracing for that.
Most of the major shareholders have already either publicly or privately informed the Qantas board of their dissatisfaction with a list of issues - ranging from the board allowing the then chief executive Alan Joyce to sell the majority of shares back in June to the competition regulator’s allegations that the airline sold tickets for already cancelled flights.
The big shareholders have already extracted a number of concessions, including Goyder’s move to leave his post next year and the early resignations of two long-standing directors. Todd Sampson walks on a tightrope between approval and dismissal by Qantas shareholders.CREDIT: MARK ROGERS But more bloodletting is almost certainly on the cards, with the fate of another long-standing fixture of Qantas’ board, Todd Sampson, hanging in balance. When proxy votes are counted next Friday, we will know whether the television personality/ brand management guru has the numbers.
Expect Qantas to get ahead of the opprobrium. Sampson will almost certainly not stand for re-election if the numbers pile up against him.If he doesn’t, we can expect an announcement from Qantas that he won’t be standing for election.
But shareholders, large and small, livid with the board’s profligacy in awarding Joyce more than $21 million on his way out of the door, won’t have any meaningful recourse. They won’t get the opportunity to vote on Joyce’s generous pay package at this year’s annual meeting.
Joyce’s reward has already been decided and approved by shareholders, and any move to rein that in will now be at the board’s discretion.
At this point, Joyce’s cash looks mostly safe but not bankable. If the competition regulator’s allegations that Qantas misled and deceived its customers are proven, then Joyce’s long-term options will suffer.
Meanwhile, shareholders will get to vote on a package for new chief executive Vanessa Hudson’s bonus and that verdict could go either way.
This will be a decisive opportunity for shareholders, and they need to make a call on whether they support her as the chief executive or they want someone new.
There is little point in subjecting her to death by a thousand cuts. They need to make a call on whether she was part of the problem or the solution. Former Qantas chief executive Alan Joyce had said airfares would begin to moderate this year.CREDIT: OSCAR COLMAN Over the past week, Hudson has made two significant announcements. The first is that she is not going to pursue an acquisition of Alliance Airlines, after the Australian Competition and Consumer Commission’s decision to nix the deal.
The second, and more controversial news, is Qantas’ decision to raise airfares by 3.5 per cent in response to elevated fuel costs. The hike comes just a month after Qantas warned that higher fuel costs would feed into fare increases. There’s nthing wrong with the rationale but Hudson’s timing couldn’t be worse.
The customer services issues facing Qantas are still live, and it wasn’t that long ago that Joyce assured the travelling public that fares were on their way down.
From the shareholders’ perspective, there isn’t a lot of rejoicing to be had. Over the past six months, the share price is down more than 28 per cent - thanks in large part to the potential for costs to blow out. If Qantas loses against the ACCC the penalty/settlement could be $250 million. Ditto for the compensation to the ground handling staff that were illegally sacked.
There’s another $200 million in costs to be paid to get customer service back on track - which includes some additional loyalty points-generosity.
As far as winners go, the only ones celebrating would be Qantas short sellers that are now advertising themselves as prophetic investors
OPINION
Qantas board braces for clash with shareholders
Elizabeth Knight
Just how much venom Qantas’ shareholders choose to spew at the airline’s board in the upcoming annual general meeting has got corporate circles buzzing.How large will the vote against executive pay packets be? And will it break the record of 88 per cent set by National Australia Bank shareholders in 2018? Or will investor backlash be more on the scale of the 62 per cent trouncing delivered to Westpac’s board the same year?
It’s most likely to be the latter, but either outcome would be humiliating.
Richard Goyder, Qantas chairman, and Vanessa Hudson, the airline’s chief executive, are likely to get a hostile welcome from investors at the upcoming AGM.CREDIT: ALEX ELLINGHAUSEN A protest vote of 25 per cent is almost a certainty and Qantas chairman Richard Goyder and his crew would be bracing for that.Most of the major shareholders have already either publicly or privately informed the Qantas board of their dissatisfaction with a list of issues - ranging from the board allowing the then chief executive Alan Joyce to sell the majority of shares back in June to the competition regulator’s allegations that the airline sold tickets for already cancelled flights.
The big shareholders have already extracted a number of concessions, including Goyder’s move to leave his post next year and the early resignations of two long-standing directors.
Todd Sampson walks on a tightrope between approval and dismissal by Qantas shareholders.CREDIT: MARK ROGERS But more bloodletting is almost certainly on the cards, with the fate of another long-standing fixture of Qantas’ board, Todd Sampson, hanging in balance. When proxy votes are counted next Friday, we will know whether the television personality/ brand management guru has the numbers.Expect Qantas to get ahead of the opprobrium. Sampson will almost certainly not stand for re-election if the numbers pile up against him.If he doesn’t, we can expect an announcement from Qantas that he won’t be standing for election.
But shareholders, large and small, livid with the board’s profligacy in awarding Joyce more than $21 million on his way out of the door, won’t have any meaningful recourse. They won’t get the opportunity to vote on Joyce’s generous pay package at this year’s annual meeting.
Joyce’s reward has already been decided and approved by shareholders, and any move to rein that in will now be at the board’s discretion.
At this point, Joyce’s cash looks mostly safe but not bankable. If the competition regulator’s allegations that Qantas misled and deceived its customers are proven, then Joyce’s long-term options will suffer.
Meanwhile, shareholders will get to vote on a package for new chief executive Vanessa Hudson’s bonus and that verdict could go either way.
This will be a decisive opportunity for shareholders, and they need to make a call on whether they support her as the chief executive or they want someone new.
There is little point in subjecting her to death by a thousand cuts. They need to make a call on whether she was part of the problem or the solution.
Former Qantas chief executive Alan Joyce had said airfares would begin to moderate this year.CREDIT: OSCAR COLMAN Over the past week, Hudson has made two significant announcements. The first is that she is not going to pursue an acquisition of Alliance Airlines, after the Australian Competition and Consumer Commission’s decision to nix the deal.The second, and more controversial news, is Qantas’ decision to raise airfares by 3.5 per cent in response to elevated fuel costs. The hike comes just a month after Qantas warned that higher fuel costs would feed into fare increases. There’s nthing wrong with the rationale but Hudson’s timing couldn’t be worse.
The customer services issues facing Qantas are still live, and it wasn’t that long ago that Joyce assured the travelling public that fares were on their way down.
From the shareholders’ perspective, there isn’t a lot of rejoicing to be had. Over the past six months, the share price is down more than 28 per cent - thanks in large part to the potential for costs to blow out. If Qantas loses against the ACCC the penalty/settlement could be $250 million. Ditto for the compensation to the ground handling staff that were illegally sacked.
There’s another $200 million in costs to be paid to get customer service back on track - which includes some additional loyalty points-generosity.
As far as winners go, the only ones celebrating would be Qantas short sellers that are now advertising themselves as prophetic investors
Ah. Yes: That would be bog standard corruption, at least in NSW.
The Qantas Board has lost the room. All the years of ‘clever accounting’ and alienating staff are coming home to roost and the current Board had their sticky hands all over the mess.
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