Qantas chief executive Alan Joyce's pay fell to $1.7 million in the 2020 financial year after he accepted a salary cut and missed out on bonuses amid the airline's COVID-19 shutdown | pwhatch
Qantas chief executive Alan Joyce's pay fell to $1.7 million in the 2020 financial year after he accepted a salary cut and missed out on bonuses amid the airline's COVID-19 shutdown.
But the airline offered its CEO an additional $1.3 million worth of company shares as a reward for its share price not falling as much as those of rival carriers during the pandemic, according to Qantas' annual report published on Friday. Mr Joyce chose not to accept his 343,500 new shares immediately and would decide after a year whether to accept them or let them lapse, the airline said.
Qantas said the $1.2 million value of the shares awarded was less than the base pay key executives had sacrificed during the year. Total executive pay fell from $22.4 million in 2019 to $6.9 million. "This is obviously not the same hardship as [experienced by] those stood down or facing redundancy, but it comes at a time when demands on management are greater than ever," he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morrison government will invest $1.9b toward emerging energy technologies | Sky News AustraliaThe Morrison government will invest $1.9 billion towards emerging energy technologies in order to reduce emissions and create jobs.\n\nAustralia’s renewable energy agency will receive a $1.6 billion dollar boost to support the next generation of technologies including carbon capture and storage, and the development of hydrogen.\n\nAustralian Prime Minister Scott Morrison said the focus will be to unlock future technologies which support traditional industries like manufacturing and agriculture while positioning Australia’s economy for the future.\n\nThe government also insists it will remain on track to meet its 2030 Paris emissions reduction target.\n\nIt comes after the Prime Minister laid out an ambitious plan for a gas-led recovery out of the COVID-19 recession, issuing a strong ultimatum to the energy sector.\n\nMr Morrison demanded electricity generators provide a plan before April 2021 to fill a looming shortfall in dispatchable power due to the closure of the Liddell coal powerplant in the Hunter Valley.\n\nIf private companies fail to deliver on this demand, he promised the government would build a new gas power plant to replace the Liddell power station.\n\n“If the energy companies choose to step up and make these investments to create that capacity, great, we will step back. If not, my government will step up and we will fill the gap,” Mr Morrison said.\n\nImage: Getty
Read more »
'It's been a big day for me': Smith wants change after $1.4m concussion payoutShaun Smith has been awarded a landmark $1.4 million insurance payout acknowleding the damage to his brain from concussions during his AFL career.
Read more »
AFL legend wins momentous $1.4m concussion claimAFL legend Shaun Smith has been awarded a momentous million-dollar payout due to concussion damages suffered during his playing career. AFL 9WWOS
Read more »
Qantas flight to nowhere sells out in 10 minutesOver 100 people were so eager to resume air travel they paid $800 or more for a seven-hour flight that takes them from Sydney to Sydney, as Qantas gets creative in a bid to create revenue during the pandemic.
Read more »
Qantas seeks 'corporate welfare' with its HQ auction, Birmingham saysFederal Trade and Tourism Minister Simon Birmingham has blasted Qantas' move to start a bidding war between state governments over the location of its headquarters as a blatant appeal for corporate welfare | pwhatch
Read more »
Sydney Uni expects to lose $550 million over next four yearsSydney University expects to lose more than $550 million in overall student revenue over the next four years, and forecasts the COVID-19 crisis will keep hurting its bottom line until 2025 | JordsBaker
Read more »