Qantas revealed Alan Joyce's base pay back to pre-pandemic  $2.17 million , Investors didn't like it !

There were many aspects to be collected from the Qantas Group Annual Report 2022 , but many wanted to read few lines, where it noted that chief executive Alan Joyce went back to his pre-pandemic base pay level in the 2021-22 financial year.

Qantas Group Annual Report Read,

"The CEO’s total pay outcome for 2021/22 is higher than in 2019/20 and 2020/21, as he returned to receiving his contracted Base Pay amount after voluntarily receiving reduced Base Pay for a seven-month period straddling the last two financial years."

Perhaps investors didn’t like what Qantas had to say in the annual report for FY22 that the ASX airline share released this morning . Qantas Airways Ltd (ASX: QAN) share price had a fairly grounded session to end the trading week this Friday. Qantas shares ended up closing at $5.24 each, down 0.19% for the day.

When Qantas is facing threats of strikes for better working conditions ,  this annual report has not gone well with the employees , specifically with the revert of the pay packet of CEO, Alan Joyce.

The annual report revealed that Joyce received a total remuneration for FY22 of a cool $2.17 million in base salary and other benefits. This was a substantial 15% increase on the salary Joyce received over the FY21 financial year.

However, Qantas said that Mr Joyce had not received bonuses last financial year, so his overall pay was still 77 per cent less than pre-pandemic levels.

The Annual report read ,

The CEO did not receive a Base Pay increase during 2021/22. However, in contrast to 2020/21 — where the CEO received no Base Pay in July 2020 and received only 65 per cent of his Base Pay from August through 31 October 2020 — in 2021/22 the CEO returned to receiving his contracted Base Pay amount. Base Pay (cash) is $2,146,432 (Base Pay of $2,170,000 less superannuation contributions of $23,568).

This report , thats becoming a news now , comes at a time when Qantas continues to receive criticism over "asking senior executives to work as Ground handlers" , "delayed planes" ; "cancelled flights and shaky service" , for which CEO had to apologize to the Customers.

Qantas has posted an $860 million net loss for financial year 2022 , down from a $1.69 billion loss the year before, as revenue jumped 54 per cent from 2021.

Qantas Report read,

For the financial year 2021/22, the operations of the Qantas Group continued to be impacted by the global COVID-19 pandemic. The performance of the Group and individual segments have been compared to the corresponding prior period (financial year 2020/21) and the financial year 2018/19, which represents a proxy for ‘pre-COVID’ operations. This indicates the degree to which the Group’s performance is recovering to pre-COVID levels as the 2018/19 financial year represents the most recent complete financial period not affected by the pandemic.

Stories related to qantas...