sex hikayeleri interior desing sikiĢ hikaye escort denizli porno hikaye
INTERNATIONAL BUSINESS NEWS
August 20, 2012 12:00:00 AM
  Follow @ Twitter

The embattled chief of Qantas Airways Alan Joyce said Monday he would forgo any bonus or pay rise, joining a growing list of high-profile top executives at Australian companies who are doing the same.

Qantas is struggling with soaring fuel costs and worsening global conditions and has indicated it will this week post its first annual loss since privatisation in 1995.

In a statement to the stockmarket in June, the airline said it expected underlying profit before tax -- its preferred indicator -- to be Aus$50-100 million (US$52-104 million) in the year to June 30.

This compares with Aus$552 million in the previous year.

Joyce said the board had accepted his decision to forgo any short-term or long-term incentive payments that would have been awarded for the 2012 financial year, and to turn down any salary increase.

"It's absolutely appropriate that when company returns go down, executive pay should go down as well," he said in an interview with the Australian Financial Review.

"It has been an extremely tough year for Qantas shareholders and what we want to show is that my pay has to have a huge correlation with the profitability of the company."

As well as fuel prices, a soaring Australian dollar and a bitter battle with unions over wages and conditions that saw Joyce ground the entire fleet for 48 hours in October have also cost the airline dearly.

According to the newspaper, Joyce's pay will fall to Aus$2.3 million for the 2012 financial year, compared to the Aus$5 million he took home the previous year when bonuses and other incentive payments bumped up his salary.

He is following the example of several other high-profile chief executives in bowing to investor pressure on executive remuneration.

The heads of global miners giants BHP Billiton and Rio Tinto, Marius Kloppers and Tom Albanese respectively, have also turned down bonuses.

Elsewhere, banking giants ANZ and Commonwealth have both frozen top executives' salaries, the newspaper said.

AFP

Wiggle


PREVIOUS STORY
Air show spotlights Brazil's booming aviation sector
NEXT STORY
Apple is most valuable company ever

Bookmark and Share
   




FIJI NEWS
Free toilet-use for municipal market vendorsVendors at municipal council markets around the country will soon need not pay to use council toilet facilities.
BUSINESS
Kontiki to operate as credit institutionReserve Bank of Fiji has granted Kontiki Finance Limited (Kontiki Finance) a credit institution licence.
TECHNOLOGY
Vodafone renovates airport shopVodafone Fiji has signed an agreement with Airports Fiji Limited which will allow for renovation of its airport shop at the arrival concourse in Nadi International Airport
HEALTH/FITNESS
$5000 boost to assist diabetes awareness programVodafone Fiji ATH Foundation has stepped in with financial boost to assist the Lions Club in their Diabetes Awareness program.
SPORTS
Nagusa to captain Fiji WarriorsFlying Fijian and former Fiji 7s forward Nemani Nagusa has been named captain of the Telecom Fiji Warriors XVs side for the forthcoming Pacific Challenge (formerly Pacific Rugby Cup) in Suva.
LIFESTYLE/FASHION
Fiji Link receives ATR72-600 aircraftFiji Airways, Fijiís national airline, today received its latest ATR72-600 aircraft for its domestic subsidiary Fiji Link.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS