Airline bosses still want their massive bonuses (even when taxpayer is bailing them out)


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Steven P.
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Dutch finance minister criticises Air France-KLM bonus plans

Dutch finance minister has again criticised the bonus strategy at airline group Air France-KLM, saying giving chief executive Ben Smith a bonus is ‘not compatible with taxpayer support’.

 

On Wednesday it emerged that the airline group wants to change the way Smith’s bonus is calculated and that one of the criteria would be how much state support he manages to attract during the coronavirus crisis.

 

Hoekstra told news agency ANP that the Dutch state, which owns 14% of the airline, will make it clear that it opposes a bonus for Smith, given that the Dutch government will bail out the company financially.

 

Ministers have also said they are considering making a moratorium on bonuses and dividends for companies to get state support. At the weekend, KLM dropped plans to increase the potential bonus of chief executive Pieter Elbers to 100% of his salary following widespread opposition.

 

Source and full article: https://www.dutchnews.nl/news/2020/04/dutch-finance-minister-criticises-air-france-klm-bonus-plans/

 

Since when do CEOs deserve massive bonuses while the company they are running needs a taxpayer bail-out to be able to continue operating?

 

And airlines want you to feel sorry for them?? Not me.

 

 

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Steven P.

Add your own airline CEO sob story you may have seen somewhere

 

 

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FloatingFatMan

Before screaming at Richard Branson, people should probably first check who ACTUALLY owns Virgin Atlantic...

 

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Virgin Atlantic is currently 49% owned by Delta Airlines, with an additional stake of 31% recently acquired by Ai France-KLM. Branson calls Delta “a great partner” in many areas. 

https://www.forbes.com/sites/michaelgoldstein/2019/07/05/richard-branson-and-virgin-atlantic-airways-the-next-35-years/#3f977ff17770

 

Not that I'm calling him an angel, I'm not, but seeing as he only owns a 20% stake in his airline, perhaps folks should be demanding the other LARGER stakeholders should sacrifice their personal holdings before getting a bailout, too?

 

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