Qantas CEO Alan Joyce’s annual pay package more than halves to $10.9m

A sharp drop in share-based incentives has more than halved Qantas boss Alan Joyce’s remuneration package for 2018.

Qantas Group chief executive Alan Joyce. Picture AAP

Qantas Group CEO Alan Joyce has had to make do with a significantly lower salary in the 2018 financial year, due to changes to executive incentives and performance bonuses.

The airlines’ annual report showed Mr Joyce earned $10.869 million down from $24.584m the previous year.

Although his base pay remained the same at $2.1m and a “cash bonus” of $1.99m was up 12 per cent on last year, changes to the share-based short term and long term incentive plans saw Mr Joyce pocket 56 per cent less than in the 2017 financial year.

Qantas Chairman Leigh Clifford said the strong performance of the Group, which last week posted a $980m net profit, meant executive bonuses were paid.

“The Board looks at several factors when determining executive bonuses, including safety, customer satisfaction, financial metrics and long term share price performance,” Mr Clifford said.

“The executive team, led by Alan, did an outstanding job on achieving the Group’s key objectives.”

He said total executive pay was down 36 per cent in the year to June 30 as the Group moved beyond the incentives that were part of the turnaround program.

“But the pay figures we’re announcing today still reflect a record result,” said Mr Clifford.

Although bonuses linked to one year performance targets were reduced, those linked to three year performance targets increased.