Qantas CEO Alan Joyce was paid nearly $2 million in the last financial year as COVID-19 sent the airline into one of its worst crises in history.
The chief executive’s salary amounted to $1.98 million as 8,500 airline staff were laid off over the course of the pandemic.
Joyce received a base pay of $1.78 million with other benefits totalling an extra $201,000 in 2021.
It reflects a $250,000 improvement in his total 2020 pay packet of $1.74 million.
However, that huge figure reflects an 80 per cent – or near $8 million – reduction from Joyce’s 2019 pay of just under $10 million, and significantly less than his 2018 pay of $10.9 million.
In his CEO note, Joyce described trading conditions as “diabolical” for the company, with executive pay down 70 per cent across the entire executive team.
Qantas currently has a two-year wage freeze in place for workers as travel demand remains anemic across Australia and much of the world.
It’s a challenge that is leading to a concerning level of worker attrition, remuneration committee chairman Paul Rayner said.
“Our executive cohorts are talented and in increasing demand across a range of industries, many of which, unlike aviation and tourism, are experiencing high rates of growth and activity with financial rewards to match,” he detailed in the report.
“The board is particularly concerned that a continued loss of capability and experience will materially inhibit the group’s ability to deliver the key outcomes required for success beyond the pandemic.”
He said the board is now considering how best to restructure the company’s remuneration framework to keep key workers on board.
There would be a separate incentive plan put in place to reward non-executive employees, he added.
Any updates to remuneration will not occur until the second half of the 2021 - 22 financial year.