If you are a Qantas shareholder then this motion is important at the upcoming AGM.
Qantas Airways Limited
Statement pursuant to Section 249P of the Corporations Act
A CASE AGAINST THE ADVISORY RESOLUTION TO ADOPT THE REMUNERATION REPORT FOR THE YEAR
ENDED 30 JUNE 2012
Improved profit & share performance may be expected from a reduction in the pay gap between executives &
ordinary staff in the Qantas Group.
Additionally a reduction in the pay gap may be expected to:
1. Improve the level of engagement of staff & hence contribute to enhanced performance / productivity at all levels of the company.
2. Reduce the need to shed jobs.
3. Strengthen the company’s position in these times of marketing challenges & economic uncertainty.
A vote against the 2012 Advisory Resolution will not prevent honouring of existing Executive Remuneration provisions. It will advise the Board that
the existing provisions are not favoured by Shareholders & why.
We recommend shareholders vote against the Remuneration Report Advisory Resolution.
What Some People Say:
• Why Sky-High CEO pay is bad for business
If companies don’t …focus on “internal equity”–how the highest paid executive’s pay compares with that of everyone else in the
organisation–they risk losing their own staff’s dedication and focus.
– John Mackey, chairman and CEO of Whole Foods Market, USA in Harvard Business Review Blog 17 June 2009.
• large differentials between director & ordinary staff remuneration increases
“This…leaves the staff demoralised and angry, which is unlikely to translate into productivity gains. In fact, the opposite may be true…”
– Dr Tanveer Ahmed, former SBS television journalist & physician working in psychiatry, writing in the Sydney Morning Herald,
5 Oct 2004.
• team participation
….I think that’s the key issue here. In an organisation…… they need people to work together. But [if] what they’re doing is rewarding
individual performance too much, then people are simply not going to participate as a team.
– Matt Bloom , Professor of Management , Notre Dame University interviewed on ABC Radio National “Background Briefing” , 6 Feb
• Egalitarianism: the pre-eminent Australian value
…pre-eminent Australian value: egalitarianism…. great disparity in wealth erodes and ultimately undermines our society.
-from an address by Sir Gerard Brennan, former Chief Justice of the High Court, quoted in the Sydney Morning Herald , 15 Feb 1999
Qantas Airways Limited
Request to Distribute Statement
Pursuant to section 249P of the Corporations Act 2001 the undersigned person, being a shareholder of Qantas Airways Limited (“the company”) who
is entitled to vote at the forthcoming annual general meeting of the company, hereby requests the Board arrange to give the above statement to all
Full Name of Shareholder Address of Shareholder
Issued: 13 July 201