Thecuriousmail’s Weblog

QANTAS, GODS, AND THE GUILLOTINE

Posted in Uncategorized by thecuriousmail on October 18, 2011

PART 1: QANTAS ANNOUNCES 1000 JOB LOSSES TO MAKE THE COMPANY MORE PROFITABLE.

Unions have sharply criticised Qantas as the airline announced it had doubled its profits a week after it said it needed to lay off 1000 workers.

Qantas chief executive Alan Joyce reported a $249 million after-tax profit for 2010-11 — about twice what it earned the previous year. Its before tax profit amounted to more than $550 million, which is a rise of about 50% over the 2009-10 financial year.

On August 16, Qantas announced plans to restructure its business, which would include cutting up to 1000 Australian-based jobs.

Despite the doubling of its after-tax profits, Joyce claimed the job cuts were still needed because the result did not give Qantas’ shareholders a big-enough return on their investment.

PART 2: QANTAS EXECUTIVES AND DIRECTORS AWARD THEMSELVES LARGE PAY INCREASES.

TOP Qantas executives pocketed a $5 million increase in a year and the board almost doubled their directors’ fees.

The Transport Workers Union has compiled a dossier of executive and board member salaries and found

multi-million-dollar increases among top management.

“The pay packets of the Qantas executives and board members are climbing faster than any 747,”  TWU national

secretary Tony Sheldon said.

“They are also rising at a time when the share price is falling. The only job security they seem to care about is their own.”

The increases include:
* EIGHT most senior executives getting a pay rise of 62 per cent from $8.9 million last year to $14.4 million this year;

* FEES of the board going from $4 million to $7.9 million in the last four years, and totalling more than
$21 million in that period; and
* CEO, chairman, former CEO and former chief financial officer getting more than $52 million in the past four years.
The increase in executive pay was fuelled by the 71 per cent increase for CEO Alan Joyce, although this does include as yet unpaid bonuses based on him meeting targets

The new  executive packages comes in a year when the airline’s share price has fallen and it failed to declare a dividend. It is also less than a month since it announced it would axe 1000 jobs.

Union officials immediately latched on to bigger increase to claim management was rubbing salt in the wound.

“It’s hypocrisy of the first order for management to give themselves substantial pay rises when they’re about to sack 1000 Australian workers and offshore the airline to avoid Australian workplace laws and salaries,” the vice-president of the Australian and International Pilots Association, Richard Woodward, said.

. . . . . . anyone else notice something not quite right here???

LESSON:

In this instance a company, but in general, conventional authority, by their conduct and decisions, clearly

do not care about saying, or more importantly, doing, the right thing, They act like they are gods.. . . . .

at least until they see Robespierre’s smile . . . hehehe

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