Qantas chairman Richard Goyder has been jeered at the embattled airline’s annual general meeting after he cut off a shareholder’s microphone during a question about Alan Joyce, shortly after the company’s executive pay was voted against.
After saying he would give Goyder the benefit of the doubt over the decision, but after questioning the timing and share price of the sale, the chairman asked for Maxworthy’s microphone to be switched off, sparking boos, jeers and cries of “shame on you” from shareholders.
“We would never as a board or executive, and this goes to your question on ethics, would never ever do anything that we felt was illegal,” Goyder said beforehand.
“And so we felt it was the right thing to do … I’ve got absolutely zero concern about the ethics of the people who sit alongside me (on the board).”
Joyce sold just under $17 million worth of shares in June after announcing his resignation. The share price then was $6.75.
The ACCC announced its court action on August 31, and Qantas’ share price now sits at about $5.20, although fell to as low as $4.67 last week.
The board was also rebuked earlier at the AGM when shareholders voted against the remuneration report, which sets the pay for executives including Joyce and his replacement Vanessa Hudson.
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While the rare protest vote doesn’t impact that pay this year, a second consecutive rejection next year would trigger an unprecedented spill of the Qantas board.
Goyder said in his opening remarks that the vote was expected.
“It’s clear that there will be an overwhelming vote against our remuneration report, which is almost a complete reversal of the 90-plus per cent support in recent years,” he said.
“(Board member) Jacquie (Hey) will take you through the remuneration report in some detail to explain the steps we’ve taken and why.
“But please know this: we hear the message this strong vote sends, particularly in response to broader frustration with past events, and it galvanises our efforts to restore your confidence.”
