Between 1992 and 1995 the Australian government completed the privatisation of Qantas, the Australian Parliament also passed legislation referred as the Qantas Sale Act 1992 (QSA). The Department of Parliamentary Services (2014) reports that under this legislation foreign ownership was capped and the airlines brand ‘QANTAS’ and operations must remain substantially in Australia.
In 2014 the Australian Parliament passed amendments to repeal those rules in the Qantas Sale Act (1992), in addition though QANTAS must still comply with legislation under the Air Navigation Act 1920. This legislation means that Qantas must be able to demonstrate that ownership of its International operations are substantially owned and effectively controlled by Australian nationals. The repeal of legislation performed under the Qantas Sale Amendment Bill 2014 allows QANTAS to trade under the same regime as Virgin Australia.
6. Qantas Board Review
Reviewing the Qantas Board charter against ASX (2014) recommendations 1.4, 2.1, 2.4, 2.5, 4.1, 7.1, 7.2, 7.3 and 8.1 the Qantas Board Charter and Constitution is very clear particularly around the independence of the board and the composition of the role of Chairman and CEO as well as the committees under the board’s guidance. The board has structured itself to meet the requirements of the ASX (2014)
1. Board Structure
The composition of the board is clearly documented in the Charter that the board must be majority Independent Non-Executive Director (INED) and only the CEO position. The chairman role is also outlined and that the incumbent must be an INED who an Australian citizen is appointed by the board. The Chairman is not to excise the role of CEO of Qantas and m...
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...nterest of the shareholder considering the large losses the company has suffered.
In conclusion the purpose of this report into the Qantas Group has demonstrated that it is clear that the Qantas board over the decades has created a charter that reflects the overall ASX (2014) guidelines. The board has also focused on increasing the focus and accountability on particular functions that are strategically important to the industry and how the airline carrier must operation their business. The overall business performance of the company though is not supporting that strong C.
This report outlines that the board needs to review its execution and overall oversight and management of the company strategy in order to balance the company’s performance and provide a return on investment for their shareholders without the misuse and management of the company.
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