Proxy firm tells Qantas investors to vote against Sampson

afr.com:

Proxy adviser Ownership Matters says Qantas shareholders should vote against the re-election of Todd Sampson to the airline’s board, and hold him accountable for brand and reputation issues.

“This recommendation has been made in the interests of board accountability for the collapse in Qantas’ reputation and public standing, especially over the past 12 to 18 months,” Ownership Matters said in a report to investors.

Todd Sampson is the latest Qantas director to feel the heat from investors. 

“Sampson has heightened responsibility for this, despite the board’s collective responsibility, given he has been a director for more than eight years and his background in advertising, marketing and brand management.”

Ownership Matters said Qantas had expressed concerns that Mr Sampson’s exit could destabilise the board, given the average tenure of directors will fall to three years after its chairman, Richard Goyder, steps down in November.

The proxy firm also recommended investors reject Qantas’ remuneration report, given “there has not been an appropriate reduction” since the High Court ruled that Qantas acted illegally when it outsourced the roles of 1700 employees in 2020.

“The board has instead deferred paying the financial year 2023 annual incentive and has noted its ability to claw back the vested financial year 2021 long-term incentive, which is now subject to a holding lock for at least a year, as it awaits further information both in relation to the High Court decision and the action the ACCC launched against Qantas… in relation to the airline allegedly selling tickets on already cancelled flights,” the report said.

“It is not clear what further information the board requires in order to respond to the unanimous High Court