Joyce pay still at low altitude

QANTAS chief executive Alan Joyce took home just under $2m in the 2021 financial year in a $250,000 improvement on the previous year, although still well down on pre-Covid pay levels.

The airline’s annual report reveals that across the board executive pay was down 70 per cent.

A note by remuneration committee chairman Paul Rayner stressed it was “more critical than ever to retain talent” in order to keep Qantas on the road to a full recovery.

“Our executive cohorts are talented and in increasing demand across a range of industries, many of which, unlike aviation and tourism, are experiencing high rates of growth and activity with financial rewards to match,” Mr Rayner wrote.

He said for that reason, a restructuring of the remuneration framework was being considered to reward and incentivise all employees.

Mr Joyce’s (inset) total remuneration of $1.98m was a far cry from his $23.8m pay packet in 2017, when he became Australia’s highest-paid CEO.

In 2018 and 2019, his earnings fell to $10.9m and $9.9m respectively before Covid came along and obliterated much of the airline’s revenue.

The second-highest Qantas earner was Jetstar CEO Gareth Evans who pocketed $1.45m, followed by Qantas international and domestic CEO Andrew David on $1.41m.