• The $5 million man: Qantas boss Alan Joyce booed over sky-high payrise
    11 replies, posted
[img]http://media.news.com.au/cs/newscomau/v2/_shared/base/css/images/icons/homepage-title.png[/img] Source: [url]http://www.news.com.au/business/crunch-time-qantas-ceo-faces-shareholders-and-unions-at-agm/story-e6frfm1i-1226179319256[/url] [img]http://resources1.news.com.au/images/2011/10/28/1226179/361997-20111028qantas.jpg[/img] [I]Qantas CEO Alan Joyce has apologised to passengers for ongoing strikes. Picture: Jane Dempster[/I] [release] • Qantas CEO booed over $2 million pay-rise • Shareholders vote 97 per cent in favour of package • [url=http://www.news.com.au/business/payback-time-shareholders-strike-back-at-exec-pay/story-e6frfm1i-1226178461822]Shareholders strike back at exec pay[/url] • [url=http://www.news.com.au/travel/news/end-in-sight-for-customs-dispute/story-e6frfq80-1226179252481]End in sight for customs pay dispute[/url] [B]SHAREHOLDERS at Qantas's AGM have today loudly booed the decision to approve a $2 million bonus to the airline's boss, Alan Joyce.[/B] More than 97 per cent of shareholders voted in favour of the move, despite the announcement meeting widespread cat calls and derision from the majority of those who attended the meeting held at the University of New South Wales. Angry union members are protesting against the airline during its shareholder meeting - as thousands of passengers are stranded at airports around the country withtoday's strike action. The head of the Licenced Aircraft Engineers' Association has spoken out against Mr Joyce at the meeting. Steve Purvinas, Secretary of the association, accused Mr Joyce of using his position to increase his own pay, while the unions continue to fight for better conditions for their workers. "Alan Joyce will use his own $10 million worth of shareholding to vote in favour of his own 71 per cent pay rise and I think that's absolutely disgusting," he said. Mr Purvinas said the Qantas board was "trying to shift the best part of our airline to Asia. Which is something that I think most Australians despise". He said he was shocked to discover on arrival at the meeting at the university of NSW that shareholders would be denied their right to show "their disgust at the 71 per cent pay rise Alan Joyce is going to award himself" with a show of hands. Instead, Mr Purvinas said, shareholders would vote on the CEO's pay using individual hand-held voting machines. "I think it would be very disappointing for Australians to think that someone sitting on a board is going to vote against the majority of people in the room on their own 71 per cent pay rise," he said. "Here is a man who has got $3 million a year and he has walked into his board and said 'it's not enough. I can't live off $3 million, I need a $2 million pay rise'." Earlier, Mr Joyce promised he wouldn't give in to union pay demands and said continued strike action was giving a free kick to the airline's competition. [B]Virgin's 'free kick'[/B] As industrial action again disrupted the travel plans of hundreds of passengers, the airline's board said employee costs were hitting them hard, with the international business losing $200 million. Mr Joyce warned shareholders pay disputes were taking focus away from the airline's real threat, Virgin. "Virgin should be the focus, and at the moment we are giving Virgin a free kick," he said. "We have no alternative but to reject these demands, get the unrealistic demands off the table so we can get on to the competition." Mr Joyce said the Transport Workers Union's actions have disrupted 10,000 passengers and apologised to all the passengers who will be delayed today as a result of the strikes. "We urge the unions to stop this, to put to the table more realistic demands and to think about the jobs they're endangering around the country," he told the Nine Network. "We've always said we want to do anything that will stop this disruption happening to our passengers - again I apologise to those customers that have been impacted by this," he said. Unions argued that Qantas staff are more productive than Virgin staff and have a quicker turnaround. As the AGM got underway, baggage handlers, catering workers and ground staff walked off the job. [B]Union war with Qantas[/B] Employees and Transport Worker Union representative Tony Sheldon argued "employees are not at war with the company" and have supported the company many times in the past by taking pay freezes and other cuts during tough times. But one employee at the AGM said to Mr Joyce it is unfair to ask employees to live on $20 an hour and all they are asking for is an increase of one dollar. Meanwhile, Mr Joyce said the airline has not asked Prime Minister Julia Gillard to intervene in the airline's industrial disputes. "The Prime Minister and the Government have the ability to intervene, if they so wish, in national interest terms," he said. The airline has lost $68 million due to the action so far. "$68 million is a significant impact on the company and the costs will continue to rise," Mr Joyce said. "In comparison, the impact on Qantas from grounding aircraft during the recent volcanic ash cloud was $49 million." But, Mr Joyce said, agreeing to the unions' "unreasonable" demands would have a far greater cost and could risk Qantas' future. Qantas said the number of passengers impacted by the industrial action since August, including today's planned strikes by the Transport Workers' Union (TWU), was 70,922 from 129 cancelled and 387 delayed flights.[/release] So, the guy won't give his workers a single dollar more per hour, then gives himself a $2million raise? Disgusting.
[QUOTE=Noth;33007684] So, the guy won't give his workers a single dollar more per hour, then gives himself a $2million raise? Disgusting.[/QUOTE] And some people do not get why stuff like the Occupy protests are taking place.
I hate the fat cats who selfishly hoard and never share. Makes me want to smash them like a money pinata.
Textbook corrupt corporate executive. Hope he steps on someone's toes soon.
[QUOTE=ironman17;33007764]I hate the fat cats who selfishly hoard and never share. Makes me want to smash them like a money pinata.[/QUOTE] I mean it would not be as bad if he decided to give himself a small bonus after raising his employee's wages. But with such a massive bonus, especially when his employees are on strike makes him such a fat cat. [quote]But, Mr Joyce said, agreeing to the unions' "unreasonable" demands would have a far greater cost and could risk Qantas' future.[/quote] All they want is a dollar more per hour. I am sure that they could come to some sort of compromise at the very least. With the fact that the government may step to end the strike makes it all the worse.
How much of the company's shares does he own? Would like to know what proportion of shareholders other than himself approved the ludicrous bonus.
Very well may be incorrect. [QUOTE=Sgt Doom;33008038]How much of the company's shares does he own? Would like to know what proportion of shareholders other than himself approved the ludicrous bonus.[/QUOTE] Well looking at google finance [quote]Shares 2.27B[/quote] I assume that it means 2.27 billion, so 1.54*2,270,000,000= $3,495,800,000 He owns 10 million worth of shares, so 10,000,000/3,495,800,000=0.28% 97%-0.28%=96.72% 96.72% of the shareholders other than himself voted to give him a bonus.
[QUOTE=Ogopogo;33008156]Well looking at google finance I assume that it means 2.27 billion, so 1.54*2,270,000,000= $3,495,800,000 He owns 10 million worth of shares, so 10,000,000/3,495,800,000=0.28% 97%-0.28%=96.72% 96.72% of the shareholders other than himself voted to give him a bonus.[/QUOTE] I came up with some different figures, from the ASX website. (But, I may be reading it wrong) [img]http://i.imgur.com/zKlXp.png[/img] ( [url]http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=QAN[/url] ) If there's 10,538,227 shares, and he owns $10mill of them, that's 6,472,492 (Rounded to nearest 1), or 61.42% So, 97%-61.42% = 35.58% of shareholders voted for it. Does this look right to anyone else?
[QUOTE=Noth;33008285]I came up with some different figures, from the ASX website. (But, I may be reading it wrong) [img]http://i.imgur.com/zKlXp.png[/img] ( [url]http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=QAN[/url] ) If there's 10,538,227 shares, and he owns $10mill of them, that's 6,472,492 (Rounded to nearest 1), or 61.42% So, 97%-61.42% = 35.58% of shareholders voted for it. Does this look right to anyone else?[/QUOTE] I have no idea myself, I was just taking a blind stab it.
[QUOTE=Noth;33008285]I came up with some different figures, from the ASX website. (But, I may be reading it wrong) [img]http://i.imgur.com/zKlXp.png[/img] ( [url]http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=QAN[/url] ) If there's 10,538,227 shares, and he owns $10mill of them, that's 6,472,492 (Rounded to nearest 1), or 61.42% So, 97%-61.42% = 35.58% of shareholders voted for it. Does this look right to anyone else?[/QUOTE] I'd imagine an airline would have far more total shares than that.
[QUOTE=Cone;33007810]Textbook corrupt corporate executive. Hope he steps on someone's toes soon.[/QUOTE] The way he's walking with those massive clown-feet it's a wonder he hasn't already. Just imagine that; a fat cat in a clown costume, combining the ridiculousity of the clown with the bourgois extravagant richness and selfishness of a fat cat...
[QUOTE=Killoch0;33008498]I'd imagine an airline would have far more total shares than that.[/QUOTE] Yeah, that's how much was traded that day. [editline]29th October 2011[/editline] [QUOTE=Ogopogo;33008156]Very well may be incorrect. Well looking at google finance I assume that it means 2.27 billion, so 1.54*2,270,000,000= $3,495,800,000 He owns 10 million worth of shares, so 10,000,000/3,495,800,000=0.28% 97%-0.28%=96.72% 96.72% of the shareholders other than himself voted to give him a bonus.[/QUOTE] This calculation is roughly correct. [editline]29th October 2011[/editline] [QUOTE=Sgt Doom;33008038]How much of the company's shares does he own? Would like to know what proportion of shareholders other than himself approved the ludicrous bonus.[/QUOTE] He owns relatively few, but the banks and other financial institutions who are major shareholders tend to stick together and help their own.
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