Qantas shareholders battle through microphone shutdowns, cling onto company’s history

Hostile mum and dad investors seized the opportunity to deliver a scathing criticism of Alan Joyce at the airline’s annual meeting.

Qantas Chair Richard Goyder is seen sitting next to CEO Vanessa Hudson during the Qantas Annual General Meeting (AGM), in Melbourne. Picture: NCA NewsWire / Luis Ascui

Retail investors in Qantas vented their frustration during an at-times hostile shareholder meeting on Friday, delivering a scathing criticism of Alan Joyce’s performance and cautious optimism on the board’s ability to recover from past blunders.

Outgoing chairman Richard Goyder tried to keep the mum and dad shareholders — there were just as many donning cardigans and puffer jackets as there were suits — in line during a barrage of fiery questions, asking them to keep their statements brief.

But that was fruitless, and at one stage dozens of members from the audience of about 150 people shouted “shame” at Mr Goyder. He had asked for the audio from one investor’s microphone to be cut amid a line of questioning about ex-CEO Alan Joyce’s decision to sell the majority of his company shares just before they tanked after the consumer watchdog revealed plans to sue Qantas for selling tickets to “ghost flights”.

Qantas shareholders are seen arriving to the Qantas Annual General Meeting (AGM), in Melbourne. Picture: NCA NewsWire / Luis Ascui

Among the fiery questions was one from retail investor Greg Harper, who quipped that fighter aircraft have rearview mirrors and warned the directors to “keep one eye behind” them before asking how many of the 11 present at the AGM had flown overseas on an economy fare in the past year.

Just one director, Antony Tyler, put his hand up.

Mr Harper replied: “We get it, you are important people. (But) put yourself in the shoes of the average Joe and see what kind of experience they are having.”

Another tense moment was delivered when shareholder Chris Maxworthy told the company’s directors he had concerns about the ethics of the board, to which the chairman responded he had “zero” concern about them.

“We are paying for your lack of ethics,” Mr Maxworthy said.

After the three-hour meeting ended, those in the theatre — where there were more empty seats than filled ones — shuffled out into the Melbourne Exhibition Centre for some coffee and meat pies.

Retail investor Michael Ritchie said he had more confidence in the board at the conclusion of the meeting than when he walked in.

“I think the retirement of Alan Joyce was a good thing. Hindsight is a wonderful thing, he probably stayed on for too long,” he said.

Among Mr Ritchie’s pressing concerns was acquiring more aircraft in the fleet and boosting the number of routes departing Melbourne.

“I think Qantas is very Sydney centric,” he said.

Jocelyn Chong agreed she was “confident” in the board, and believed after Vanessa Hudson tool up the CEO job the company has made “good progress”.

Robert and Francis Robie left the meeting remaining loyal to the company they say flew them from Mexico to Australia without passports after they were stolen.

“I’m sure they are going to get it right now,” Mr Robie said.

“I think (Vanessa Hudson) has got the right attitude, and hope she maintains it,” Mrs Robie said.

But Graham Knight said he was not “overly satisfied” with the board’s performance.

“I don’t feel like the board as accepted responsibility for Joyce’s decisions... (or) the sacking of workers back in the pandemic,” he said.

“There were plenty of other things he did along the way just to feather his own nest and they (the board) have not taken any responsibility.”