Will QAN survive?, page-4045

From the 2021 Annual Report:

–The CEO took no Base Pay in July 2020 and a 35 per cent reduction in Base Pay from 1 August through to 31 October 2020
–The Chairman took no fees in July 2020 and a 35 per cent reduction in fees from 1 August through to 31 October 2020
–Executive Management took a 15 per cent reduction in Base Pay until 31 October 2020
–Non-Executive Directors took a 15 per cent reduction in fees until 31 October 2020.
The CEO, Executive Management and Non-Executive Directors returned to full pay from 1 November 2020.

Joyce only had one month of no base pay.

The significant point is the bonus payment which they went to the media spruiking about. Headlines of "Qantas CEO takes an 83% pay cut" and the like. What was hidden was that these were bonus share payments that make up the bulk of Joyce's income.

For sure, Joyce and the Board did not take their share entitlement at the time. However, the decision on granting Alan Joyce 687,000 shares has been deferred until at least August 2022. In other words, they didn't take a pay cut, they deferred taking the pay until a bit later.

It always gets me how an Annual report of an Australian company has more pages devoted to Board and Executive Renumeration than the nuts and bolts of how the company is going. That shows what is important to the snouts in the trough.