A.Very.Good.Year at Qantas Airways
Qantas Airways released its 2016 annual report this afternoon. How has its record underlying results have translated into short term incentive awards for its MD/CEO? With a STIP cash bonus of $3.264 million ($1.904 million in FY2015) plus a restricted shares grant of $1.632 million ($952,000 in FY2015), the outcome reflects above target achievements in four of the five scorecard areas, plus a 'target' achievement in the area of people and operational safety...multiplied by his individual performance factor. With underlying profit before tax worth 50% of the STIP award, Alan Joyce' STIP award was more than 190% of his target STIP of 120% of base pay or $2.55 million. It was also a good year for the long term incentives which vested at 100%: 2,151,000 rights multiplied by the CSP on 26 August 2016 of $3.36 = $7,205,850. Add to this the deferred STIP from earlier years which vested on 21 August 2015 - $1,045,102, plus his base pay of $2.106 million...and it's a very good year. Qantas' 2016 AGM is on 21 October 2016.
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With a background in human resources, executive search and corporate law, Kym Sheehan brings unique perspectives on corporate governance and meeting resolutions to her work for The Executive Remuneration Reporter. The Executive Remuneration...
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