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12 September, 2024

Qantas unveils remuneration changes and details its journey to green in annual, sustainability reports

Edited by Travel Weekly

Qantas has released its 2024 Annual and Sustainability reports outlining remuneration changes including that of ex-CEO Alan Joyce and an increase weighting on customer satisfaction.

Its sustainability report commits to the use development of sustainable aviation fuel in Australia as well as a number of more immediate actions on its path to net zero.

The Group posted an Underlying Profit Before Tax of $2.08 billion for FY24 at its Full Year results in August. The amount was down on the previous year on the back of increased customer investment, moderating fares, and lower freight revenue, but still a strong performance.

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A high standard was set for both Qantas and Jetstar in the way of operational performance and customer satisfaction across the year if it was to regain some of its reputation and it has recorded improvements in both areas.

“Qantas has made significant progress over the past 12 months, but we know there’s a lot more to do to restore trust with our customers,” Qantas chair Richard Goyder said.

“We’ve seen strong improvement in on-time performance, customer satisfaction, and reputation for both Qantas and Jetstar, and the Group is performing strong financially.”

Changes to remuneration

The Annual Report also detailed executive pay outcomes for FY24, as well as details of changes to the remuneration structure:

Increasing the weighting on customer outcomes from 20 to 30 per cent for annual bonuses.
Introducing brand reputation as a performance measure for long term incentives.
Broadening Board discretion over awarding bonuses.
Improving transparency around remuneration outcomes.

In August, the Board released revised outcomes for executive pay in FY23.

The revised outcomes – including a 33 per cent reduction in short term bonuses for senior executives and 100 per cent of the long-term bonus for the former Group CEO Alan Joyce being forfeited – are reflected in the Annual Report.

“The Board has listened to feedback on the pay structure for our executives and have made a series of changes which we are confident will encourage better outcomes for our stakeholders,” Goyder continued.

Qantas continues call for SAF in sustainability report

The Qantas Group continues to advocate for the creation of a domestic SAF industry, which is key to decarbonising our industry, as well as an opportunity to create thousands of new jobs and increase Australia’s fuel security.

Other key points from the sustainability report include immediate steps to reduce its carbon footprint including the introduction of winglets on part of its 737 fleet and a further $10 million investment into the Great Barrier Reef Foundation.

Qantas charts new path to fuel efficiency greatness with latest wing upgrade

“As we continue to grow, the Qantas Group remains committed to reducing the impact of our flying,” CEO Vanessa Hudson said.

“This year’s Sustainability Report details the steps we have taken towards our sustainability targets as well as the environmental, social and governance initiatives that we are implementing.”

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