Qantas chief Joyce’s pay soars to $25m

Qantas chief executive Alan Joyce has almost doubled his pay packet, pocketing close to $25m in total remuneration.

Qantas chief executive Alan Joyce on the tarmac at Mascot Airport. (Renee Nowytarger/The Australian)

Qantas chief executive Alan Joyce has pocketed nearly $24.6 million in total remuneration, including incentives and entitlements, for the year to June 30, sharply up from the near-$13m he received last year.

Mr Joyce’s base pay of $2.1m was in line with last year’s, while his cash bonus of nearly $1.8m fell from last year’s $3.3m, following the airline’s slightly lower profit for the year.

In August, Qantas announced an 8.6 per cent drop in profit to $1.4bn, after posting a record $1.53bn profit the previous year in a stunning turnaround for the company following a $2.8bn loss and requests for government assistance in 2014.

Meanwhile, the value of shares awarded to Mr Joyce under Qantas’s long-term incentive plan rose to $14.5m in the year, up from $3.2m

Shares in Qantas (QAN) more-than doubled over the course of FY17, closing the financial year at $5.72, up from $2.82 at the beginning of the period.

Mr Joyce’s total remuneration, including entitlements, far outstrips that of all the other top listed companies that have reported their chief’s remuneration for the last financial year.

Commonwealth Bank chief Ian Narev was paid $5.5m in the past 2017 financial year. This was down from an adjusted $12.3m in 2016.

Meanwhile, Qantas International chief executive Gareth Evans received nearly $8.2m, up from $4.4m the previous year.

Jayne Hrdlicka, Jetstar Group chief, received nearly $8.1m, up from $4.3m last year.

Qantas spent $53.5m on executive remuneration this year, up from $29.2m last year.