Yes, some circuit breaker type event is necessary. See below, a self-explanatory extract from a HC post as to the outcome of the review of the then QAN Board's total failure to carry out its duty for the management of the then CEO during the covid crisis. Mostly hid in the basement, only emerging to award all those flagrant remuneration and bonuses to the then CEO and senior managment, and themselves of course, for almost incinerating the once iconic airline.
What is the relevance to WDS? This is very formative for WDS as Chairman Goyder occupied the QAN role during this period, until he agrees to hand over to the incoming Chairman in September 2024, and holders do not want a remote and disengaged WDS Board until past the point of no return.
(Recasts paragraph 1, adds details on pay cuts in paragraph 3, company comments in paragraphs 4-5 and background)
Aug 8 (Reuters) - Australia's Qantas (QAN) will cut former CEO Alan Joyce's fiscal 2023 pay through his long- and short-term incentives, the embattled airline said on Thursday, as it attempts to restore trust among investors and fix its reputation.
Joyce, who retired in September 2023, took home A$21.4 million in the 2023 financial year, according to the company's annual report.
His pay will be reduced by A$9.26 million ($6.03 million), the Australian flag carrier said, adding that it will also trim short-term incentives for affected current and former senior executives by 33%.
"The events that damaged Qantas and its reputation and caused considerable harm to relationships with customers, employees and other stakeholders were due to a number of factors," the company said.
While the board failed to find any deliberate wrongdoings, the governance review found that the board had made "mistakes" that resulted in significant reputational and customer service issues, Qantas said.
The company has been beset with both legal and regulatory actions, that have led to growing calls from a number of unhappy investors for various management reorganisations.
Qantas in May agreed to pay A$120 million to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
($1 = 1.5347 Australian dollars)
(20min delay)