JOYCE’S SALARY DROPS 77 PER CENT

Qantas boss Alan Joyce’s salary plunged 77% to $2.27million last year after executive bonuses were cut following massive COVID disruptions over the past two years.

Mr Joyce won $9.99 million in the 2019 financial year, boosted by performance bonuses as Qantas shares hit all-time highs of $7.34 from $1.57 when he took office in 2009.

According to the airline’s annual report released today, Qantas’ overall executive net pay in FY22 was 64% below pre-COVID-19 levels.

The airline’s executives also did not receive any bonuses for the third consecutive year.

Going forward, executive compensation will be more dependent on a greater weighting for customer satisfaction and the introduction of an environmental metric for the first time.

Senior executives will be eligible for a retention bonus linked to the completion of the Group’s COVID recovery plan by the end of FY23.

Qantas chairman Richard Goyder said “this annual report hopefully represents the final chapter in the terrible impact the COVID crisis has had on Qantas.

“It has been difficult for our shareholders, our customers and especially for our employees. But we made it and it’s great to see so many people flying again.

“The restart has been bumpy, which shows how difficult it is to bring an airline out of hibernation while dealing with record COVID rates in the community

“We sincerely apologize to our customers, who have been so patient as we return to the standards of service that people rightly expect of us. Our latest performance figures show we are on the right track and our annual data shows that safety standards have remained high throughout.

“Our employees have worked incredibly hard throughout the recovery, including during the high-profile challenges of the past few months. We have set aside nearly $200 million to share with them the benefits of the return to profit across the Group.

On the hot topic of executive compensation, Mr Goyder pointed out that it had “been constrained throughout the pandemic, with wages frozen and no annual bonuses for the third consecutive year. The retention bonus in place for next year is key to retaining the considerable talent we have and it depends on the recovery being achieved in full.

“Managing an airline during a pandemic is incredibly difficult and few have emerged with the underlying strength of Qantas. It’s a credit to Alan Joyce and his team, although the full impact of what has been achieved will be best judged in a few years, when new planes arrive, new routes open up and many opportunities for our employees.

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