Qantas unions and workers told to exercise pay restraint at 3%…….
The Sydney Morning Herald reports today that while he was calling for wage restraint from unions and staff to counter high jet fuel prices, Qantas’ departing CEO Geoff Dixon, was paid almost $12 million last financial year.
The salaries for Mr Dixon and his senior executives are likely to create significant discontent among the airline’s staff, who have faced a management intent on capping wage rises at 3% a year and which has laid off 1,500 workers.
Mr Dixon’s total package of $11.92 million for the year to June included a cash bonus of $3 million and almost $6.4 million in share-based payments.
The value of the share component has fallen since grant date and was worth $3.86 million at year-end, nevertheless, it is big rise on 2006-07, when Mr Dixon’s total package reached $6.5 million, with the package for 2007-08 representing an amazing nearly 100% increase!
Qantas’s share price fell 45% last financial year as it battled high fuel prices and a slowing economy in the last quarter and yesterday the stock fell 10c, to $3.13.
The airline has also faced heightened fears about the safety of its aircraft and serious problems with its schedules after a 10-week industrial dispute with aircraft engineers.
In May Qantas said it was freezing senior executive pay in response to the high fuel prices.
The carrier’s annual report, released yesterday, shows the total package for the former chief financial officer Peter Gregg rose about 50%, to $6.04 million, including a share-based payment of almost $3 million, worth about $2 million at year-end and a cash bonus of $1.48 million.
The third-in-charge at Qantas, John Borghetti, took away $2.69 million, almost unchanged, as well as share-based payments of $2.8 million $2 million at year-end.
Qantas’s chief executive-in-waiting, Alan Joyce, enjoyed a 44% increase in his pay to $2.4 million for the year, with Joyce, the boss of Jetstar until this week, also benefiting from share-based payments valued at $2.3 million at grant date.
At the same time unions have been seeking annual pay rises of about 5% for their members at Qantas………………….equitable?
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