The Qantas AGM in October will be one of the more difficult sessions the board has faced. Shareholder complaints, previously voiced privately at meetings between fund managers and the chair, have begun to appear in formal channels.
The specific complaints
Three themes recur. First, executive remuneration relative to the airline's operational and reputational performance in the 2023–2025 period. Second, the pace of fleet renewal, particularly the Boeing 787 rollout, which is running behind schedule. Third, corporate governance and the board's process for handling regulator engagements.
Where it goes
A no-vote of more than 25 per cent on the remuneration report is a strike. Two strikes trigger a board spill. Whether Qantas hits one strike this year is now, in the view of two large super funds spoken to for this piece, more likely than not.
