ID :
205825
Wed, 09/07/2011 - 14:38
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http://m.oananews.org//node/205825
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Qantas CEO pay packet boosted by shares
SYDNEY (AAP) - 07 Sept - Qantas Airways chief executive Alan Joyce was awarded $2.2 million worth of shares in 2010/11, lifting his total remuneration package to $5.1 million and up significantly from the prior year.
The shares helped boost Mr Joyce's total remuneration by 71 per cent from his 2009/10 package, Qantas said in its annual report released on Wednesday.
"The sizeable increase observable in his reported pay for 2010/2011 does not represent an increase in actual earnings for Mr Joyce during the year," Qantas said in the annual report.
"But (it) is a direct consequence of the board's decision in 2009/2010 not to pay a cash bonus and to entirely defer Mr Joyce's STIP (short term incentive plan) award into restricted shares."
To account for this, Qantas this year included in the annual report "supplemental information" that outlined the "total vested remuneration" of Mr Joyce and other senior executives.
The big jump in total remuneration has prompted some anger among union groups, particularly given the airline's decision to cull 1,000 workers as part of a restructure of its international flying and protracted enterprise bargaining negotiations.
But Qantas was keen to stress that Mr Joyce's "total vested remuneration", or what a Qantas spokesman described as his "actual salary", was nine per cent below the prior year.
On a vested remuneration basis, which included fixed pay, bonuses, and the value of shares and rights which vested in the year, Qantas said Mr Joyce received $3.04 million, down from $3.35 million in 2009/10.
"Mr Joyce's salary is not excessive compared with other large Australian companies," the spokesman said.
The chairman of Qantas's remuneration committee, James Strong, said in the annual report that the company would defer all awards to be paid under the STIP for a second straight year.
"The board considers that this is appropriate in view of the challenging trading conditions that Qantas continues to face, and in light of the measures currently being taken on a number of important growth and change projects," Mr Strong said.
Qantas closed up three cents at $1.59.
The shares helped boost Mr Joyce's total remuneration by 71 per cent from his 2009/10 package, Qantas said in its annual report released on Wednesday.
"The sizeable increase observable in his reported pay for 2010/2011 does not represent an increase in actual earnings for Mr Joyce during the year," Qantas said in the annual report.
"But (it) is a direct consequence of the board's decision in 2009/2010 not to pay a cash bonus and to entirely defer Mr Joyce's STIP (short term incentive plan) award into restricted shares."
To account for this, Qantas this year included in the annual report "supplemental information" that outlined the "total vested remuneration" of Mr Joyce and other senior executives.
The big jump in total remuneration has prompted some anger among union groups, particularly given the airline's decision to cull 1,000 workers as part of a restructure of its international flying and protracted enterprise bargaining negotiations.
But Qantas was keen to stress that Mr Joyce's "total vested remuneration", or what a Qantas spokesman described as his "actual salary", was nine per cent below the prior year.
On a vested remuneration basis, which included fixed pay, bonuses, and the value of shares and rights which vested in the year, Qantas said Mr Joyce received $3.04 million, down from $3.35 million in 2009/10.
"Mr Joyce's salary is not excessive compared with other large Australian companies," the spokesman said.
The chairman of Qantas's remuneration committee, James Strong, said in the annual report that the company would defer all awards to be paid under the STIP for a second straight year.
"The board considers that this is appropriate in view of the challenging trading conditions that Qantas continues to face, and in light of the measures currently being taken on a number of important growth and change projects," Mr Strong said.
Qantas closed up three cents at $1.59.
