21-Sep-2023 11:07 AM

Qantas Group to reduce short term incentives for senior executives in FY2023

Qantas Group chairman Richard Goyder stated (20-Sep-2023) the board will reduce short term incentives for senior executives by 20% for FY2023, in recognition of the "customer and brand impact of cumulative events". After applying the 20% reduction, the board will withhold the balance of the FY2023 short term incentive for senior executives as part of further "clawback provisions". Mr Goyder said in regards to former CEO Alan Joyce's remuneration for FY2023, in addition to AUD2.2 million (USD1.42 million) in short term bonuses that have been withheld, a further AUD8.3 million (USD5.35 million) of a total adjusted AUD21.4 million (USD13.80 million) is subject to clawback should the board determine that necessary. Mr Goyder added: "The board has significantly increased the weighting on customer outcomes for remuneration in FY2024 and introduced it as a metric on future long term incentives". Mr Goyder said the scorecard that determines short term incentive payments has a number of financial and non-financial measures, including safety, customer satisfaction and emissions reduction. He noted: "While customer satisfaction levels improved during the year, they are well below where they should be. As a result, this part of the scorecard was judged at zero out of a possible 20% and this had a corresponding impact on senior executive pay". [more - original PR]

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