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Company Watch - Qantas Airways.

New York (AirGuideBusiness - Company Watch) Sep 27, 2009

Qantas paid former chief executive Geoff Dixon more than USD 3 million to offset Howard government changes to superannuation laws as part of a hefty final compensation package in 2008-09 worth almost USD 11m. Although 12 per cent down on the previous year's controversial USD 12.2m package, Mr Dixon worked just five months of 2008-09 in the top job. He spent another four months working as a consultant at the same base rate as he completed his contract. The generous package - awarded in the same financial year in which the airline's profit was slashed by 88 per cent, it shed 1750 jobs and sought another USD 1.5 billion in cost savings - has incensed unions and is unlikely to thrill shareholders. The airline paid no second-half dividend after an interim payment of 6 cents per share accounted for the entire year's after-tax profit of USD 123m. Sep 21, 2009

Although 12 per cent down on the previous year's controversial USD 12.2m package, Mr Dixon worked just five months of 2008-09 in the top job. He spent another four months working as a consultant at the same base rate as he completed his contract. The generous package - awarded in the same financial year in which the airline's profit was slashed by 88 per cent, it shed 1750 jobs and sought another USD 1.5 billion in cost savings - has incensed unions and is unlikely to thrill shareholders. The airline paid no second-half dividend after an interim payment of 6 cents per share accounted for the entire year's after-tax profit of USD123m. The USD 3m payment to Mr Dixon was designed to offset the cap on concessional contributions introduced as part of the Tax Law Amendment (Simplified Superannuation) Bill in December 2006. The changes slashed a super contribution made on Mr Dixon's behalf in August 2006 under his employment agreement and Qantas said yesterday the pay was "partial compensation" for the fact Mr Dixon was disadvantaged by the changes. But the unions are about the USD 3m super deal, which comes after a protest vote on executive pay at last year's annual meeting and criticism by Melbourne-based RiskMetrics that Mr Dixon's compensation was excessive. Australian Services Union assistant national secretary Linda White said the decision showed there was one rule for executives and another for ordinary workers. "People are being made redundant week in and week out at Qantas and that money would have made a significant difference to keeping people employed," Ms White said. "We're running out of Kleenex when they (Qantas) keep crying poor." Sep 20, 2009

Qantas paid former chief executive Geoff Dixon more than USD 3 million to offset Howard government changes to superannuation laws as part of a hefty final compensation package in 2008-09 worth almost USD 11m. Although 12 per cent down on the previous year's controversial USD 12.2m package, Mr Dixon worked just five months of 2008-09 in the top job. He spent another four months working as a consultant at the same base rate as he completed his contract. The generous package - awarded in the same financial year in which the airline's profit was slashed by 88 per cent, it shed 1750 jobs and sought another USD 1.5 billion in cost savings - has incensed unions and is unlikely to thrill shareholders. The airline paid no second-half dividend after an interim payment of 6 cents per share accounted for the entire year's after-tax profit of USD 123m. Sep 15, 2009

Qantas will operate three sightseeing flights over Antarctica during the southern summer with its new A380. It has partnered with Antarctica Sightseeing Flights of Melbourne since 1994 using 747-400s. The first A380 flight is scheduled for Dec. 31 from Melbourne, the second on Jan. 24 from Sydney and the third on Feb. 14 from MEL. The New Year's Eve flight will be under the command of Capt. John Dennis, who has flown more than 40 of QF's 85 747 flights to the ice. Fares start from A 999 (USD 859) for the 14-hr. flight, which includes two meals. The most frequently used route takes the aircraft over the icecap, the South Magnetic Pole, the French scientific base at Dumont d'Urville and finally the spectacular Trans-Antarctic Range. Approval has been secured for 19 Antarctic flight routes, with final selection based upon weather and viewing opportunities. Sep 14, 2009

Australian airline, Qantas, celebrated the delivery of their 75th Boeing 737 in Auckland, New Zealand today, arriving adorned with a special decal to commemorate the milestone. The new Next-Generation 737-800 will serve the trans-Tasman route between New Zealand and Australia. Qantas named the Boeing Next-Generation 737-800 in honor of Jean Batten, a spirited New Zealand aviator who broke numerous flying records in the 1930s. Qantas has been flying Boeing 737s since 1986. This latest Next-Generation 737-800 features Qantas-specified, 2.5-meter-high (8.2-feet-high) Blended Winglets, which reduce fuel burn, thereby increasing range and payload. Qantas chief executive officer Alan Joyce said Qantas was pleased to be able to offer customers a new trans-Tasman product. Sep 23, 2009

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Publication:AirGuide Business
Geographic Code:8AUST
Date:Sep 28, 2009
Words:898
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