Proxy advisers have unanimously recommended investors vote against the Qantas pay resolution in a protest against Alan Joyce’s performance.
Five major proxy advisers recommend investors reject Qantas’ executive pay scheme and have demanded more details over why the board has not sanctioned the airline’s management financially over an adverse High Court ruling and its flight credits saga.
“Given recent reputational issues, shareholders may see this as a core responsibility of the leadership of the CEO, to whom substantial remuneration is already on offer,” ISS said of Ms Hudson’s participation in the bonus plan.Qantas chairman Richard Goyder has already signalled he will step down by next year’s meeting, and directors Jacqueline Hey and Maxine Brenner will resign by February.
But all the advisers denounced the remuneration plan because the board has not clarified under what conditions it would be entitled to claw back ex-CEO Alan Joyce’s FY23 short-term and FY21 long-term incentives.
The ASA said one of the new directors up for election, bureaucrat Heather Smith, an apparent substitution for ex-Rio Tinto director Michael L’estrange, did not go far enough in narrowing the governance gap. It does not support her re-election.“It is our opinion that this board desperately needs people with good business, customer experience, industry, financial and governance experience,” the ASA said.
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