Who is going to the Qantas AGM in 2023?

[RooFlyer]

Question from an animal carer organisation rep from the Pilbara about recent policy imposed not to fly animals if forecast temps >35 degs, as stated as impacting animal welfare. Asked if Board would consider adjusting the 'blanket policy'. Constructive question and constructive reply. Applause from the floor.

 

[Pushka]

Question from an animal carer organisation rep from the Pilbara about recent policy imposed not to fly animals if forecast temps >35 degs, as stated as impacting animal welfare. Asked if Board would consider adjusting the 'blanket policy'. Constructive question and constructive reply. Applause from the floor.

I Really appreciate your updating one liners.

 

[CaptJCool]

I Really appreciate your updating one liners.

All “animals need a blanket” policy
(Especially greyhounds)

Live: Qantas faces shareholder revolt at its AGM after turbulent year, ASX jumps after Wall Street bounce

Qantas is holding its AGM this morning, just a few days after the airline defended itself against so-called "ghost flight" allegations. Meanwhile, Australian Clinical Labs is facing a court case over a data hack last year. Read about it on our live blog.

www.abc.net.au

 

[RooFlyer]

Question re CL membership given to PMs son. Rejected by Chair as not going into CL matters.

Question re confidence in Qantas auditor KPMG and the governance issues of big 4 accounting firm, including KPMG. I missed exact reply, but yes, confidence in KPMG and sounded like they will be reviewing auditor ?next year.

 

[RooFlyer]

Question re cleanliness of QF terminal at MEL domestic. Reply that airport issue, but will address it. Then, maybe a bit of over-compensation, statement from VH of how important Melbourne is to the Qantas network.

End of questions; moving onto (re) election of directors up for such.

 

[levelnine]

Then, maybe a bit of over-compensation, statement from VH of how important Melbourne is to the Qantas network.

Dropping 787 from MEL-PER-MEL shows that's not the case. Judge someone by their actions, not their words.

 

[Hvr]

statement from VH of how important Melbourne is to the Qantas network.

Sounds like sarcasm from QF.

 

[RooFlyer]

Vanessa Hudson up for election.
Q from Stephen Mayne as to why VH up for election, when CEO not required by ASX listing rules. Answer - in the Qantas constitution, but only for the first time.

Q from another going to issue of praise for past CEO etc in the face of them being the face of customer dissatisfaction. Batted away by Chair.

Aust Shareholders Assoc saying they will not vote for VH, as she was part of past decisions; asking for the (on-off) vote to be put in a year's time , once performance on the board. (Like all commentary at AGM here, this is a precis). Chair just said they think appropriate.

 

[RooFlyer]

VH election - Proxies received prior to the meeting - For 99.2% against 0.73% , so effectively carried (ie this is before the counting of votes cast from the floor).

 

[RooFlyer]

Re-election of Doug Parker to the Board (recently appointed). Gives a short talk, referring to "unique Aussie spirit ..." (cringe).

Proxies received prior to the meeting For 98.6%, against 1,7%, effectively carried.

 

[RooFlyer]

Re-election of Heather Smith (recently appointed). Her talk included recognition of damage to 'social licence to operate' and anger of customers; gave resume of her career as a job application (many govt connections).

Q from Stephen Mayne re influence on govt etc by CL membership. Asks HS's history in CL and whether she's been appointed due to 'Canberra connections'. Batted away by Chair and CL history rejected as 'irrelevant'

Q from ASA (voting their proxies against) asking if HS's skills don't already exist on the Board. Chair replies in support of HS capabilities.

Proxies cast prior to meeting: For 99.4%, against 0.56% - carried prior to votes from the floor and on-line.

 

[RooFlyer]

First re-election of not-newly appointed Director, Belinda Hutchinson (Director since 2018). She is Chair of the Audit and Risk committee. Tells of her focus on these and various issues. Also health and safety.

Q from Stephen Mayne - BH most experienced on board, will she and other Director's participate in selection of new Chair. Chair I think misunderstood question. Says Chair must be an Australian citizen (so that puts Al Baker out ...) and a firm has been appointed to search for new Chair.

Q from ASA - voting their proxies for re-election. Asks BH about lessons learnt and suggestions. Chair took the question and referred to BH's talk earlier. Rejected other part of question.

Proxies receive prior to meeting - For 92.7%, against 7.2 % prior to floor and on-line are voted, so effectively carried.

Now, re-election of Todd Sampson. This will be interesting. Wearing a ?skivvy top. I wonder if Directors are privy to the proxies vote prior to the meeting. His talk recognised brand damage and how he can help the repair.

 

[RooFlyer]

Qs for Todd Sampson

A number of similar questions from on-line. What reasons can TS give for completely mis-reading the 'zeitgeist' and public opinion over the year. Chair again answers the question - or rather, doesn't answer it. Interesting: Chair is always looking down at his notes, not the meeting. VH is always looking out at the meeting.

Proxies received prior to the meeting: For 66%, against 33%. Re-elected prior to votes from the floor and on-line.

 

[CaptJCool]

Qs for Todd Sampson

For 66%, against 33%. Re-elected prior to votes from the floor.

Ouch
2/3rds
Swim is win is a win

 

[RooFlyer]

Remuneration Report. Jacqueline Hay, chair of Remuneration Committee gives address from the podium. Acknowledges that there will be a first strike against the RR.

2023 (again, reminding that these notes are a precis and may have missed stuff):
Base pay 3% except CEO
Short term incentive plan - no award pending ACCC proceedings but also 20% downward adjustment
Recovery Retention Plan - rights with 2 year performance period; vesting on achievement of three performance measures
Long Term Incentive Plan - rights with a 3 years performance plus 1 year trading restriction. 100% vesting on performance against benchmarks (top quartile on ASX peers and global airline peers.

Alan Joyce: Final year payment large, accepting pervious deferred bonuses. STIP with-held, as will all other Board members. Any claw back pending and will be disclosed.

Vanessa Hudson: Lower base pay (first CEO position) - other details shown

Non Exec Directors and Chair fees- no change

Chair to present resolutions.

 

[RooFlyer]

Awarding of rights to CEO under long term incentive plan (vest if benchmarks achieved - listed).

No questions - ah, one from the floor. A 39 year employee of Qantas (engineer). Doesn't support short or long term incentives - service to company should be reward. Chair said culture of service in QF alive and well - large number of volunteers for Israel repatriation flight. Didn't really address the question.

Proxies voted prior to meeting. For 76.2%, against 23.8% so expected to be carried prior to votes from the floor and on-line. To me, a surprising amount against.

Next - adoption of Remuneration Report

 

[Flyfrequently]

Thanks for keeping us updated with your notes @RooFlyer

 

[RooFlyer]

Adoption of Remuneration Report

Question comparing consequences for Board Vs employees if they were found guilty of illegal act baggage handlers). Board - not much; employee would be sacked. Question not really answered.

ASA: I missed this; made some suggestions

Proxies voted prior to meeting. For 16.9%, against 90% (scattered applause from the floor). First strike.

AMP, Woolworths and TabCorp have suffered similarly.

Chair acknowledges very clear message. Next, on-market buy-back

 

[TheRealTMA]

Qs for Todd Sampson

A number of similar questions from on-line. What reasons can TS give for completely mis-reading the 'zeitgeist' and public opinion over the year. Chair again answers the question - or rather, doesn't answer it. Interesting: Chair is always looking down at his notes, not the meeting. VH is always looking out at the meeting.

Proxies received prior to the meeting: For 66%, against 33%. Re-elected prior to votes from the floor.

CM
"
Todd Sampson has been re-elected to the Qantas board, but with just 66 per cent of the vote at Friday's annual meeting.

“I look forward to helping build Qantas back to its former status,” he said before the result.
The decision follows a shareholder asking him how he could “misread the zeitgeist” over the past years given his experience in the media and advertising.
Ahead of the meeting, Mr Sampson was facing a revolt – with the likes of the Future Fund preparing to vote against his re-election – because he is the “brand man” and Qantas has done a remarkable job of destroying its own brand over the past 18 months.
"

"
Qantas shareholder Greg Harper asks how many of the 11 directors at the airline's annual meeting have flown overseas on an economy fare in the past year.

Just one of the directors, Antony Tyler, puts his hand up.

Mr Harper says: “I think it would benefit you to have to put yourself in the shoes of our rank and file customer base"

 

[RooFlyer]

Buy back resolution put.

On line Q - why the buy-back and not capital expenditure - non believers get out, while loyal shareholders suffer the consequences (borrowings). Incr share price benefits meeting KPIs of exec. "Who thought this was a good idea?" Chair: Re-iterated their financial strategy - looked at various scenarios, incl cash flow. Still purely looking down at his hands - poor look. VH: She looks out at her audience; supports what Chair has said. Repeated lack of franking credits as guided strategy (not the question - it was about retention of cash, for capital spend not dividends)

Proxies voted prior to meeting. For 98%, against 2% prior to votes from floor (and on-line).

Quick close of meeting.