Shareholders’ Association chief says an immediate response is needed if the airline is serious about restoring public trust
executives should have millions of dollars in bonuses withheld, its board has been urged after the airline conceded its reputation has been flamed and as momentum builds to investigate the airline’s special relationship with government.
The issues facing Qantas are fast growing into a big business challenge for the airline that resembles the problems faced by Commonwealth Bank in 2017 over its handling of money-laundering allegations. Shares in Qantas are being weighed down by the prospect of hundreds of millions of dollars in fines as well as reputational fallout, shedding more than 12% of their value in a month despite recently posting a record profit.
Earlier on Monday, John Sharp, the deputy chair of Rex Airlines and rival of Qantas, said the Qantas board would now have reason for reworking the millions of dollars in shares and bonuses Alan Joyce is poised to receive – his final pay packet could total $24m when he exists the role in November.
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