Qantas AGM: Shareholders of Qantas didn’t mince words at the airline’s recent annual general meeting in Melbourne. The atmosphere was tense as both attendees and virtual participants got the opportunity to directly address the Chair and CEO. Vanessa Hudson took the reins as Qantas’ CEO in September, stepping in after Alan Joyce’s early departure to let the airline embark on a new phase under fresh leadership. Meanwhile, Chair Richard Goyder is set to retire in late 2024.
Shareholders raised some tough questions, including inquiries about Alan Joyce’s sale of Qantas shares, which preceded a series of controversies that negatively impacted the airline’s stock prices. Additionally, Qantas disclosed that it had spent around $370,000 supporting the “Yes” campaign for the Voice to Parliament referendum, which, in the end, did not succeed.
As of now, Qantas holds approximately $520 million in unredeemed COVID travel credits, a slight decrease from $570 million in August. Vanessa Hudson stated unequivocally that the airline would not rest until this balance reaches zero.
Moreover, shareholders voiced their disapproval of the company’s remuneration report, which included a $21.4 million payout to Alan Joyce for his early departure. Nearly 83% of shareholders voted against it, sending a resounding message.
Qantas faces an array of challenges, from grappling with the aftermath of the pandemic to addressing issues related to customer trust. The management at the airline acknowledged that they made mistakes and offered apologies to shareholders for the difficulties they’ve confronted.
Shareholders are determined to hold the airline accountable and are calling for transparency in the face of these challenges. The future of Qantas remains a topic of intense interest and scrutiny.
Our Reader’s Queries
Where is the Qantas AGM in 2023?
The 2023 Qantas Annual General Meeting took place at the Melbourne Convention and Exhibition Centre (MCEC), 1 Convention Centre Pl, South Wharf VIC 3006. Attendees had the option to participate in person or online. For those who missed it, a webcast of the meeting is available hereOpens in new window.
Can I watch the Qantas AGM?
You can easily access a live webcast of the AGM on the Qantas Investor website at https://investor.qantas.com/investors/?page=annual-general-meeting. We highly encourage shareholders to submit their questions in advance of the AGM. This will ensure that your queries are addressed during the meeting.
The Qantas chairman, Richard Goyder, faced a hostile reception at the airline’s annual general meeting. The situation escalated when it was disclosed that a staggering 83% of shareholders had voted against the company’s executive pay report. The unprecedented protest vote is a clear indication of the growing discontent among investors towards the airline’s management.
Does BlackRock own Qantas?
BlackRock has once again become a significant shareholder of Qantas, the struggling Australian airline. With over 89 million shares and a voting power of more than 5% on November 3, BlackRock’s involvement has helped boost Qantas’ shares by approximately 6%.