Qantas AGM – employees not happy!
Qantas’ AGM in Canberra today could be stormy with Unions representing employees continuing their spirited objections to the proposal that Non-Executive Directors receive a 36% increase in remuneration. This would take the Non-Executive remuneration bill to $A1.5m from $A1.1m at a time when the staff are experiencing severe cuts in numbers and operating costs.
Many of the employees feel aggrieved that increases at such levels are being provided at a time when QF management claim that they cannot afford to provide employees with any pay increases. Qantas management has recognised that there have been significant increases in productivity and efficiency by employees, but the Unions are asking the question whether Qantas’ Non-Executive Directors improved their productivity by 36% in the last 12 months to justify the increase.
In addition, the Union and employee grievances extend to a proposal that will be discussed in the meeting today that further share options are provided to QF CEO Geoff Dixon and QF CFO Peter Gregg. These options are estimated to be worth in the region of $1.2 million for Geoff Dixon and $714,000 for Peter Gregg and are in addition to their normal salary packages.
In addition QF chairperson Margaret Jackson was awarded a 23% or $72,000 pay rise last year and the extent of former CEO James Strong’s $3.65 million severance payment has apparently only recently been revealed.
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