ASA members call for the Qantas Chair to step down
Qantas has been in the media, continuously, for weeks now, and it doesn’t look like that is going to change any time soon.
It is clearly on the mind of many of ASA’s members, and I thank those who have contacted us about the challenges facing the airline. This has been the basis of much of our public commentary and our calls for the resignation of the Chair.
Our view is that the Chair has failed to ensure appropriate oversight of the CEO, who was able to sell 90% of his shares the day before the ACCC publicly announced that it would take action in the High Court for the carrier allegedly selling cancelled flights.
The airline has also been found at fault in the High Court for illegally sacking 1,700 baggage handlers and cleaners under the Chair’s watch.
The findings have been damaging to Qantas and, by extension, the value of the company shares.
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Qantas is now trying to rebuild its brand and reputation and to restore trust with consumers and shareholders.
To do this, it needs an effective Chair, Board, CEO, and management team – not the same leadership who got it into the mess in the first place.
This week the Senate Select Committee held a hearing relating to the inquiry on Commonwealth Bilateral Air Service Agreements after the refusal to grant Qatar Airways additional access to the Australian market. In his appearance, the Qantas Chair, Richard Goyder, claimed that he has the support of major shareholders and the Board to remain in the Chair role. He added that he will reconsider his position, if that is no longer the case.
This inability to read the room, when government, the media, the business community, investors, and the public are calling for change, is concerning, and it will hamper any efforts by Qantas to revive its flagging reputation.
It is clear from our members that he does not have the support of the retail investors who own 10% of the company. The Annual General Meeting will be held in Melbourne and online on Friday, 3 November 2023 – if you own Qantas shares, we encourage you to take part, or you can provide your proxy to Australian Shareholders’ Association.
more rocks, fewer systems programmers
1 年Thanks Rachel Waterhouse I don't have an interest, but my "hobby" is remote monitoring of #maralinga for the Maralinga Tjarutja people. You write on Richard Goyder's lack of situational awareness: "This inability to read the room, when government, the media, the business community, investors, and the public are calling for change, is concerning, and it will hamper any efforts by Qantas to revive its flagging reputation." Most of the media has concentrated on the passenger, staff and investor conflict, but fleet management may also be in question. Qantas as the quaNGO airfreighter, is the Australian equivalent of FedEx who have taken up an interesting new aircraft (approximately 50 airframes) in the Cessna Aircraft Company Cessna 408 SkyCourier en.wikipedia.org/wiki/Cessna_408_SkyCourier It looks a lot like the GAF Nomad featured in the old "Flying Doctors' television series, and specialises in delivering standard airfreight containers. A real pandemic-buster for remote communities nedding medical supplies, and probably is not too bad at flying in fresh food to towns isolated by fire and flood. Qantas of old, never-failed to take up new aircraft that could "go the distance" (in this case 715?km).
Consultant Seeking new project
1 年Don't pussy-foot ASA!! If a fish rots from the head down, then surely, the entire Board must go. As for the current CEO, Joyce-in-a-frock, she must be ad guilty by association? I would be interested to see a forensic evaluation of the share buy-backs: surely that's indicative of lazy management and a lazy balance sheet. The sugar hit to the share price disappears in a puff of smoke. How lucky was Joyce to cash in his chips before that (ACCC) event. What are you ASA saying/doing about this? We know the corporate regulator doesn't give a toss. More generally on tgMhe share buyback, it is like a bank saying to its depositors: please can we give you your money back because we can't lend it profitably. The show trial conducted by the Senate into the Qatar access issue is too little too late, and is a bit of theatre for us, the great unwashed. Our pollies are conflicted as their tummies are rubbed in the Chairman's Lounge. As Shakespeare mightcsay today: "Something is rotten in the State of Denmark."
Proud of having played a part in the airline's 104 years history, assisting Qantas customers travelling on variants of the A330/B747/B767 fleet.
1 年With Goyder having consulted with HIS shareholders, he insists that he has their support ...