Qantas Faces Shareholder Backlash, Overwhelming Vote Against Executive Pay Report

Over 83% of shareholders vote against Qantas' executive pay structure amidst reputation damage from legal and regulatory issues, threatening a possible board removal if the discontent continues into another year.

• Qantas Airways witnessed an overwhelming opposition against its executive pay report at the annual general meeting with 83% of proxy votes rejecting the same.
• Qantas Chairman, Richard Goyder, recognized the overwhelming backlash and noted a substantial loss of trust in the national carrier amidst various reputation blunders.
• Shareholders can vote to remove the entire board if there is a repeated vote against the company's remuneration report for the second consecutive year.
• The Australian airline is facing several legal and regulatory challenges including lawsuits from the Australian Competition and Consumer Commission and verdicts from the High Court.
• Outgoing CEO, Alan Joyce, accelerated his retirement amidst controversies, while his A$21.4 million remuneration for the fiscal year 2023, which is a near ten-fold increase from the previous year, added fuel to the ongoing backlash.

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