‘It’s clear that we let Australians down’: Alan Joyce loses millions in Qantas bonuses
Former Qantas CEO Alan Joyce will have his final pay pocket docked by a cool $9.26 million after the airline agreed to implement all 32 recommendations from its review.
The Qantas review commenced last October, and “scrutinised the decision-making and governance processes of the Board that led to the loss of trust amongst stakeholders”.
The review “involved external and internal input on several separate key governance matters identified by the Board,” who appointed Tom Saar to steer the review, which “found that mistakes were made by the Board and management which contributed to the Group’s significant reputational and customer service issues. There were no findings of deliberate wrongdoing”.
Will someone please explain to me why both of the Qantas Board and former QANTAS CEO Alan Joyce have not been charged with Insider Trading in accordance with The Corporations Act.
In the full (but yet to be announced) knowledge of the dramatic downturn in QANTAS’ financial performance, the Board acquiesced in Joyce request that he be authorised to privately sell a very significant tranche ($17 million!) of QANTAS shares which resided in him via his Employment Contract .
Both the Board and Joyce were in possession of privileged information that they knew – or should reasonably have known, would have generated a very significant decline in the QANTAS share price once released to the market.
Despite this, and despite the earlier (but only weeks before) announcement pumping up QANTAS’ financial and management performance, the Board allowed to requested share sale to proceed.
And, as a consequence, the QANTAS share price tanked and “mum and dad” shareholders were badly burned.
But Joyce, in the full knowledge of the real – but yet to be released – financial performance information, sold his shareholding at the top of its price journey.
Dodgy as!
And, when are we to expect legal papers to be served?
Hmmmm…… probably never!