Simmering shareholder anger during a year of reputational crises at Qantas is likely to explode at the airline’s AGM.
The flying kangaroo has faced a whirlwind of PR disasters marked by a major High Court defeat over illegal job outsourcing, vicious Senate grillings over its role in the cost-of-living crisis, the expedited exit of former CEO Alan Joyce and mounting pressure for chairman Richard Goyder to do the same.
To top it all off, a NSW court is expected to hand down a decision on alleged discriminatory conduct within Qantas on the morning of the event.
Shareholders and Qantas officials will take to the Melbourne Convention and Exhibition Centre on Friday and vote on resolutions about reports, the election of directors, on-market share buy-backs and other plans for the company.
The AGM will be Mr Goyder’s last as chairman, after he announced plans to retire in 2024.
He is expected to use the opportunity to try prove Qantas can move past its controversies and take accountability, but shareholders are unlikely to forget the controversies of the past 12 months.
A protest vote is expected on the company’s remuneration report, which enabled the embattled Mr Joyce to leave the company with a multimillion dollar payout.
Australian Services Union assistant national secretary Emeline Gaske urged the board to invest in frontline staff instead.
“Frontline workers are the backbone of this one internationally renowned airline, which must now ensure proper investment in staff is central to any future strategy” she said.
“Qantas turned a profit of $1.7 billion last financial year and has outlined a generous package of bonuses for senior management – they can afford to pay their workers fair wages.”
Advisors and shareholders have indicated their opposition to the remuneration report and if more than one quarter of shareholders vote it down, it will be taken to another AGM the following year.
If it is voted down again, this would trigger a spill resolution and all directors who backed the report would have to stand for re-election.
Some board members, including television host Todd Sampson, are up for re-election.
But some are planning to vote against him, claiming he bares heightened responsibility for the airline’s shattered reputation because of his background in advertising and marketing.
“I expect that it won’t be an easy meeting for the board of Qantas on Friday, however, directors must listen to not only shareholders but also loyal employees and customers who want to see it do much better in the future,” Ms Gaske said.
Labor senator and longtime Qantas critic Tony Sheldon said the AGM was an opportunity for the airline’s management to show it had heard the message from its workforce and consumers.
“There are early warning signs that getting rid of Alan Joyce has not ushered in the fresh start at Qantas that many had hoped,” Senator Sheldon said.
“Slickly-produced apology videos are not a substitute for real actions.”




















