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Qantas chairman Richard Goyder has been jeered at the embattled airline's annual general meeting, shortly before it was revealed a massive 83 per cent of shareholders voted against the company's executive pay report.
Shareholder Chris Maxworthy was asking a follow-up about the decision to allow former CEO Alan Joyce to sell most of his shares shortly before the ACCC announced it was taking the national carrier to court for allegedly selling tickets for cancelled flights.
After saying he would give Goyder the benefit of the doubt over the decision, but after questioning the timing and share price of the sale, the chairman asked for Maxworthy's microphone to be switched off, sparking boos, jeers and cries of "shame on you" from shareholders.
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"We would never as a board or executive, and this goes to your question on ethics, would never ever do anything that we felt was illegal," Goyder said beforehand.
"And so we felt it was the right thing to do … I've got absolutely zero concern about the ethics of the people who sit alongside me (on the board)."
Joyce sold just under $17 million worth of shares in June after announcing his resignation. The share price then was $6.75.
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The ACCC announced its court action on August 31, and Qantas' share price now sits at about $5.20, although fell to as low as $4.67 last week.
Goyder wasn't the only executive to face the ire of investors.
The entire board was issued a stinging rebuke when 83 per cent of shareholders voted against Qantas' remuneration report, which sets the pay for executives including Joyce and his replacement Vanessa Hudson.
The protest vote is well above the 25 per cent required for a "first strike" and one of the largest in Australian corporate history.
It is also the first time Qantas has ever received a remuneration strike, and while it doesn't have any material impact this year, a second consecutive strike next year would trigger an unprecedented spill of the Qantas board.
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Goyder said in his opening remarks that the vote was expected.
"It's clear that there will be an overwhelming vote against our remuneration report, which is almost a complete reversal of the 90-plus per cent support in recent years," he said.
"(Board member) Jacquie (Hey) will take you through the remuneration report in some detail to explain the steps we've taken and why.
"But please know this: we hear the message this strong vote sends, particularly in response to broader frustration with past events, and it galvanises our efforts to restore your confidence."
Shareholders also voted on the reelection of board members.
New CEO Hudson received support of more than 99 per cent, but far more investors were against the reappointment of Todd Sampson.
Some 34 per cent of shareholders voted against his reelection which, while not enough to prevent it, still sent a message of clear frustration for the advertising executive given the airline's public relations woes.
