Former Qantas CEO Alan Joyce's final pay has been reduced by $500,000 to $21.4 million as the board investigates alleged consumer law breaches before deciding on further clawbacks. The airline's annual report (fiscal year ending June 30, 2023, authorised for issue by board of directors on September 20, 2023) also revealed a delay in paying $2.2 million in bonuses to Joyce due to recent challenges faced by the company. Joyce may receive less if the board responds to pressure from shareholders and decides to claw back an additional $8.3 million in bonuses.
In addition to the fallout from the payout to former CEO Alan Joyce, other challenges that Qantas face include the ACCC's legal action over ghost flights, and a High Court ruling over illegally sacked workers.1
Qantas is now navigating a complex landscape of legal challenges, shareholder discontent, concerns over its corporate governance and customer complaints over cancelled flights, and lost baggage, and the need to restore its reputation while grappling with executive compensation concerns. The outcome of these challenges will shape the airline's future corporate governance practices and its relationship with shareholders and the public.
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