While that program was technically in place, it was cancelled for the year. This effectively replaced the STIP for the year. Thousands of the airline’s most senior staff were put on an RRP for the 2021-2022 year, after much to-ing and fro-ing from the board after it was flagged in September 2021. The Qantas public relations team made much of the fact that executives had not received any annual bonus, under the company’s Short Term Incentive Plan (STIP). Winged again: latest chapter of Alan Joyce’s ruinous reign at Qantas laid bare The company’s top six executives earned a collective $13.9 million. The Qantas annual report lists Joyce’s base salary as $2.17m and his statutory pay package for 2022 as being worth $5.5 million, including shares that vest under the company’s long term bonus scheme. Joyce’s FY2022 package outstrips his package in pre-Covid 2019 financial year of $6.97m, despite the unprecedented chaos at the company that is inflicting significant damage on its once gold-plated brand. “The retention bonus in place for next year is key to keeping the considerable talent we have, and it depends on delivering the recovery in full,” Goyder said in interviews last week where he backed Joyce in the face of mounting customer, union and public criticism of the chaos at the airlines. With the share price now at $5.23 after a $400 million share buyback was announced, and $7 million in long-term incentives available to Joyce in the current financial year, he looks set to top that figure this financial year. Even if, per chance, If shareholders vote down Joyce’s participation in the Recovery and Retention Plan (RPP), he will get the cash equivalent instead. That’s valuing shares conservatively at their $4.66 valuation used in the board’s calculation price. That will be put to a shareholder vote at the airline’s November 4 annual general meeting. The board has also approved a scheme that will see Qantas chief executive Alan Joyce earn a bonus of at least $3.5 million for the 2021-22 financial year, bringing his total package for last year to $8.7 million, under a special bonus scheme. The Qantas board has a $3 million total to pay itself and with its numbers trimmed from 11 in 2019 to only eight, there is plenty of scope for continuing increase in coming years without troubling shareholders for a raise. Goyder also chairs energy giant Woodside, currently absorbing its purchase of BHP’s petroleum assets and the Australian Football League, which has just completed a $4.5 billion broadcast and digital rights deal and is searching for a new chief executive. It also makes him the highest paid Qantas director ever, besting his predecessor Leigh Clifford’s $654,000 in his final full year as chairman in 2018-2019. This is now more than his 2019 financial year earnings of $584,000. The company’s chairman Richard Goyder last year earned $658,000 (including post employment benefits) for his part-time job. This has added insult to the injury of tens of thousands of its customers, many of whom have struggled in recent weeks to get back from Asia after being stranded by multiple Jetstar cancellations and to workers being offered a pay rise of 6% over five years (1.2% each year). The eight-member Qantas board has gifted itself a collective 5% pay rise of a collective $2.4 million, including two retiring members who are not being replaced. They socialised the losses – and now they are about to privatise the profits. Michael Sainsbury analyses Qantas’ bonus scheme. The Qantas board has gifted themselves and chief executive Alan Joyce handsome pay rises despite trashing customers, staff and the reputation of the national carrier.
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Technological Threats to Social Cooperation What does this mean in an age of rapidly emerging technologies, Big Data, intense mobility and deepening connectivity and interdependence that transcend normal sovereign borders? Now seems to be an appropriate time to reassess some of our long-held credos about our liberties, the functions of the sovereign and the limits of control. From Locke`s conception of the state as a “neutral judge”, to Rousseau, Rawls and others, all perspectives of the social contract ultimately seek to explore why rational individuals would consent to give up some of their freedoms as a trade-off for living in a political order.Ī common thread in the social contract theory is the assumption that the state and political order exist for the general interest of the people, where life, liberty and property can be protected. However, a more recent exploration started with Grotius, Hobbes, Locke and, of course, Rousseau, who explored the limits of individual freedom, and the power of the sovereign. The idea of a social contract has a long history, dating back to various ancient cultures, ranging from the ancient Egyptians, Hammurabi, Greek, Roman, Chinese, Indian and the traditions of the three monolithic religions, Judaism, Christianity and Islam. The integrity ofthe social fabric at various strata relies upon-often unspoken-understandings held in common by individual members of those social strata. Ultimately we must consider how specific technologies might either preserve or threaten human dignity, and thus what sorts of empowerment or regulation will be most appropriate. Much has been written regarding the rate of technological innovation and how these advancements might provide solutions to the emerging challenges facing humanity in the 21 st century and beyond.A number of new technologies raise questions of our relationships to these technologies, and will be crucial to consider in terms of their sociological and cultural impact. |