Former Qantas boss Alan Joyce will keep flying at the front of the plane for free until 2046, enjoying millions of dollars in company benefits awarded to him under the airline’s generous executive perks.
Proxy advice firm Ownership Matters said Qantas executives including the former CEO retained access to four long-haul flights and 12 short-haul flights a year for themselves and their nominated beneficiaries for a period equal to their tenure.
Former Qantas boss Alan Joyce will keep flying up front for free for another 22 years.
That means Mr Joyce and his husband Shane Lloyd will each receive free flights for the next 22 years, having joined Qantas in 2000. At today’s prices, a return first-class flight to Dublin would cost $20,000. The four long-haul flights a year alone would be worth close to $2 million per person over the next two decades.
Ownership Matters said the Qantas board members also received slightly less generous flight entitlements of three long-haul and nine short-haul flights each year for themselves and their beneficiaries, except for the chairman, whose entitlements matched those of the executive team.
“The disclosed financial year 2024 cost of travel benefits was $374,000 (down from 2023’s $435,000) and $124,000 was accrued for post-employment travel (from $100,000 in 2023),” the proxy firm said.
Former chairman Richard Goyder’s travel accounted for $106,000 of the $124,000 total last financial year.
The former head of Qantas’ loyalty program, Olivia Wirth, will also retain her flight entitlements, after receiving a “good leaver” pro-rated bonus of $579,000 in cash and shares, her unvested long-term incentive allocations pro rata and a severance payment of $479,000 (effectively six months’ pay).
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**Full article (part 1):**
Former Qantas boss Alan Joyce will keep flying at the front of the plane for free until 2046, enjoying millions of dollars in company benefits awarded to him under the airline’s generous executive perks.
Proxy advice firm Ownership Matters said Qantas executives including the former CEO retained access to four long-haul flights and 12 short-haul flights a year for themselves and their nominated beneficiaries for a period equal to their tenure.
Former Qantas boss Alan Joyce will keep flying up front for free for another 22 years.
That means Mr Joyce and his husband Shane Lloyd will each receive free flights for the next 22 years, having joined Qantas in 2000. At today’s prices, a return first-class flight to Dublin would cost $20,000. The four long-haul flights a year alone would be worth close to $2 million per person over the next two decades.
Ownership Matters said the Qantas board members also received slightly less generous flight entitlements of three long-haul and nine short-haul flights each year for themselves and their beneficiaries, except for the chairman, whose entitlements matched those of the executive team.
“The disclosed financial year 2024 cost of travel benefits was $374,000 (down from 2023’s $435,000) and $124,000 was accrued for post-employment travel (from $100,000 in 2023),” the proxy firm said.
Former chairman Richard Goyder’s travel accounted for $106,000 of the $124,000 total last financial year.
The former head of Qantas’ loyalty program, Olivia Wirth, will also retain her flight entitlements, after receiving a “good leaver” pro-rated bonus of $579,000 in cash and shares, her unvested long-term incentive allocations pro rata and a severance payment of $479,000 (effectively six months’ pay).