After Qantas’ year of turbulence, directors take off with plenty of perks

If you execute your duties well as a public company director, then you get paid for your work and a pat on the back. If not, then the best shareholders can typically hope for is to give directors a kick in the backside by forcing them to resign or voting them off the board. Legal or regulatory action against directors of large public companies happens, but it’s not common.

Last month, after a request from a federal Senate inquiry, the airline revealed that after two years it had reduced the balance of those flight credits from $2 billion to $541 million. But many customers say they have spent days and weeks fighting with Qantas to get refunds, or to use their credits, often unsuccessfully.

for the airline’s problems and that he would follow Joyce out the door. He will leave before the end of next year, and a search by Egon Zehnder is under way for his successor, who by law must be Australian. The rules are similar for the other directors, who along with beneficial family members get one long-haul trip and three short-haulBrenner and Hey joined the board in August 2013, and have served more than 10 years at Qantas. That’s a decade of free flights. L’Estrange joined in April 2016.

Goyder, it seems, was over-boarded in that he held too many directorships. His workload as chair of Qantas, Woodside and the AFL Commission was ridiculous. He said he could do it all, but it appears he couldn’t, and it has cost him. Rule 101 for any company chief executive is don’t lose the confidence of your major shareholder or founder. Above: Billionaire Bruce Mathieson, the largest shareholder in Endeavour Group.Mathieson is not only the largest shareholder, he was also the founder of the pubs arm of Endeavour. Endeavour owns 1701 liquor shops, including chains Dan Murphy’s and BWS, 354 pubs, 12,500 poker machines, and a handful of wineries.

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After Qantas’ year of turbulence, directors take off with plenty of perksThe board of Qantas has governed and overseen a company and management that has performed poorly for customers. Yet, some directors will be rewarded with a show bag of free flights when they exit.
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