Qantas chief executive Alan Joyce has agreed to wave goodbye to his bonus and pay rise this year after the airline suffered a sharp drop in profits.
He told the Australian Financial Review: “It’s absolutely appropriate that when company returns go down, executive pay should go down as well.
"It has been an extremely tough year for Qantas shareholders and what we want to show is that my pay has to have a huge correlation with the profitability of the company."
The Australian airline has forecast a 90% fall in its profits for the financial year ending 30 June, blaming international operations, high fuel costs and the impact of strikes and labour disputes.
It is due to announce its full-year financial results on Wednesday (23 August).
In 2010, former British Airways chief executive Willie Walsh turned down an annual share bonus of £334,000, gave up a month’s wages and agreed to a pay freeze in light of the economic downturn.
