Insane $2million perk Alan Joyce will still get to enjoy over the next 20 years despite ‘damaging’ Qantas’ reputation

Former Qantas boss Alan Joyce will enjoy $100,000 worth of free business class travel every year for the next 20 years as part of his generous perks.

Joyce and his husband Shane Lloyd are allowed to make four long-distance trips and twelve shorter trips every year free of charge until 2046.

The total value of such a package is estimated at $2 million per person – with a return flight to Joyce’s native Dublin alone worth $20,000.

The benefits will be given to all retired Qantas executives and their nominated beneficiaries, allowing them to fly free for as many years after they leave as they have worked for the airline.

Mr Joyce has been with Qantas for 23 years (he joined in 2000 and resigned in 2023), meaning he will be flying freely until he turns 80 years old.

The generous package – which will ultimately be paid for by Qantas customers – offsets the removal of $9.26 million from Mr Joyce’s pay package in August.

Qantas announced it would cut its pay in 2022-2023 from its original figure of $11.919 million after a review accused it of damaging the airline’s reputation.

After 15 years leading Qantas as CEO, Mr Joyce stepped down amid intense criticism over canceled flights, lost luggage and accusations of exploiting customers with exorbitant prices.

Proxy consultancy Ownership Matters said airline executives will retain access to the free flights once they depart.

Qantas board members are slightly worse off than Mr Joyce as they receive three long-haul flights and nine short-haul flights each year, according to the advisory group.

Former Qantas loyalty program head Olivia Wirth has also been given access to the benefit for the next 14 years after leaving the airline in February.

She was first hired at the national carrier in July 2009 as head of corporate affairs and government relations before joining Myer as a non-executive director.

Ms. Wirth’s termination also came with a good leaver pro-rata bonus of $579,000 in cash and stock, her unvested long-term bonus awards pro-rata and a $479,000 severance package.

Qantas representatives told Ownership Matters that Ms Wirth’s good departure bonus “reflected the fact that Myer was not a competitor” and ensured a good transfer.

Mr Joyce and Ms Wirth kept their free flights despite Qantas cutting its ‘travel benefits’ last financial year.

“Disclosed cost of travel benefits for fiscal year 2024 was $374,000 (up from $435,000 in 2023) and accrued $124,000 for post-employment travel (up from $100,000 in 2023),” the company told the newspaper. Australian Financial Statement.

Qantas has spent the past year since Mr Joyce’s resignation trying to revive the airline’s damaged reputation among customers.

Mr Joyce can fly first class for free until 2046 after shareholders agreed to extend the benefit for every year he was with the airline (pictured, Mr Joyce at Sydney Airport)

Changes to executive compensation packages include making brand reputation a performance measure.

“Qantas has made significant progress over the past 12 months, but we know there is much more to be done to rebuild trust with our customers,” Qantas chairman Richard Goyder said in a statement.

“We have seen strong improvements in on-time performance, customer satisfaction and reputation for both Qantas and Jetstar, and the group is performing strongly financially.

“It is this financial strength that allows us to continue investing in new aircraft, improving the experience for our customers and our people.

“The board has listened to feedback on the compensation structure for our executives and has implemented a series of changes that we are confident will lead to better outcomes for our stakeholders.”

Revelations about Joyce’s free travel come after the ex-Qantas chief was found waiting for his luggage at the carousel at Sydney Airport early on Monday morning after arriving from an overseas trip.

It was clear that there was no carry-on fraud for the old boss, who had to wait bleary-eyed at the carousel with all the other overnight passengers.