The Qantas Group has today released its 2024 Annual and Sustainability Reports outlining the progress the national carrier has made over the past 12 months.
Together the reports provide detailed disclosures on the Group's performance against a range of financial and non-financial measures.
As announced at its Full Year results in August, the Group posted an Underlying Profit Before Tax of $2.08 billion for FY24. While this was down on the previous year on the back of increased customer investment, moderating fares and lower freight revenue, it was a strong performance.
Qantas and Jetstar saw significant improvements in operational performance and customer satisfaction across the year.
EXECUTIVE REMUNERATION
The Annual Report details executive pay outcomes for FY24, as well as details of changes to the remuneration structure.
The changes the Board has introduced to the executive remuneration framework include:
- Increasing the weighting on customer outcomes from 20 to 30 per cent for annual bonuses.
- Introducing brand reputation as a performance measure for long term incentives.
- Broadening Board discretion over awarding bonuses.
- Improving transparency around remuneration outcomes.
In August, the Board released revised outcomes for executive pay in FY23. These revised outcomes, including a 33 per cent reduction in short term bonuses for senior executives and 100 per cent of the long-term bonus for the former Group CEO being forfeited, are reflected in the Annual Report.
Comments from Qantas Group Chair Richard Goyder:
"Qantas has made significant progress over the past 12 months, but we know there's a lot more to do to restore trust with our customers.
"We've seen strong improvement in on-time performance, customer satisfaction, and reputation for both Qantas and Jetstar, and the Group is performing strong financially.
It's this financial strength that means we're able to continue investing in new aircraft, improving the experience for our customers and our people.
"The Board has listened to feedback on the pay structure for our executives and have made a series of changes which we are confident will encourage better outcomes for our stakeholders.
"Vanessa and her new leadership team continue to make good progress balancing the needs of customers, employees and shareholders.
"I wish incoming Chair John Mullen and all Qantas Group employees all the best in the years to come.
"With a passionate and dedicated workforce and a pipeline of investment that will ultimately change the way Australians connect with each other and the world, the future for Qantas is incredibly bright."
