One of the three major ‘proxy firms’ representing Qantas shareholders has recommended investors vote down one of CEO Alan Joyce’s bonus packages. The AFR reports that ISS has told its members that his targets aren’t “sufficiently challenging” ahead of a crucial AGM meeting on Friday. Qantas said in response that Joyce was the only CEO on the ASX 100 not to receive a bonus in three years, and added that the group was the only proxy adviser to take such a stance. “All of the other major shareholder advisers – CGI Glass Lewis, Ownership Matters, ACSI and the ASA – are supporting the FY22 remuneration report and incentives,” it said. The disagreement involves the shorter-term ‘executive retention scheme’, which targets include keeping Qantas’ net debt below a target level; cutting $1b of costs by June; and returning the wider company to profitability by the end of the current financial year. Should those goals be met, Joyce would receive shares worth around $4m at current prices. The dispute comes despite Qantas this month revealing it was on course for a remarkable turnaround that will see its target an underlying profit before tax of up to $1.3b in the first half of the current financial year.<br/>