Chair's workload, cyber breach and Project Sunrise in focus at Qantas AGM
One proxy adviser is recommending shareholders vote against the carrier's remuneration report, which would result in a strike on pay.
Qantas chair John Mullen is in for a potentially awkward confrontation with shareholders at the airline's annual general meeting on Friday, with concerns about his own workload and the way the company handled a recent cyberattack sparking criticism from investors and one major proxy firm.
Shareholders will gather at Brisbane’s Amora Hotel after a year marked by issues ranging from the closure of intra-Asia carrier Jetstar Asia to a $90 million fine for illegally outsourcing workers during the Covid pandemic.
Prominent proxy adviser CGI Glass Lewis recommended shareholders vote against the company's remuneration report due to a “material failure” to manage the cyber incident which exposed nearly six million customer records in July. But Mullen's own bloated workload, and his juggling act as chairs of Brambles and Treasury Wine Estates has also become a point of contention.
Milford portfolio manager Jason Kururangi said the criticism of Mullen “has some grounding.”
