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Senior investors at one of Qantas\u2019 biggest shareholders are members of the airline\u2019s exclusive Chairman\u2019s Lounge, usually reserved for high-profile figures and executives of publicly listed companies.<\/p>\n
Pendal Group\u2019s head of equities, Crispin Murray, and the fund manager\u2019s lead Qantas analyst, Sondal Bensan, are members of the invitation-only lounge. Pendal, which is now owned by Perpetual, has been one of Qantas\u2019 biggest shareholders since 2013 and the airline\u2019s stock is now worth about 4 per cent of its total Australian holdings.<\/p>\n
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The Chairman\u2019s Lounge perks have raised concerns about Qantas\u2019 influence over its members.<\/span>Credit: <\/span>AFR<\/cite><\/p>\n Government regulators, High Court judges and politicians have come under fire recently over their memberships to the elite lounge, following a report by The Australian Financial Review<\/em>\u2019s Rear Window column, <\/em>which revealed Prime Minister Anthony Albanese\u2019s 23-year-old son Nathan had been issued a membership.<\/p>\n The initial report sparked concerns about the airline\u2019s influence over swaths of sectors that govern it, and prompted notable figures, including Australian Competition and Consumer Commission boss Gina Cass-Gottlieb and Australian Securities and Investments Commission chair Joseph Longo to declare their memberships.<\/p>\n A Pendal spokesperson said the memberships of Bensan and Murray had been disclosed to Pendal and Perpetual and did not violate either company\u2019s code of conduct.<\/p>\n \u201cBoth companies have policies in place to avoid or manage any conflicts and to ensure that our fiduciary obligations to clients are upheld at all times,\u201d a spokesperson said.<\/p>\n The senior Pendal investors are not the only fund managers or major Qantas shareholders with memberships to the lounge, with a number of people familiar with the guest list confirming it is customary for major shareholders to gain access to the six lounges and the other perks that come with it, which can often include free flight upgrades, a dedicated customer service line and prioritised boarding.<\/p>\n Many fund managers also have access to Virgin Australia\u2019s equivalent invitation-only Beyond lounge, formerly known as The Club.<\/p>\n Qantas does not comment on who has access to the lounge due to \u201cprivacy reasons\u201d, or who utilises the other benefits. Invitations are extended by the chief executive for a two-year period and renewed at the discretion of the airline. No fees are charged to any members.<\/p>\n In a recent submission to the Senate after the inquiry into bilateral air rights agreements, Qantas doubled down on its refusal to identify individual members. It did confirm the senior leaders of key Commonwealth departments and agencies had been offered access to its six lounges, along with senior military members and chief commissioners, and chief executives of \u201ckey agencies\u201d.<\/p>\n Pendal owns 5 per cent of Qantas and is the second-largest shareholder of Nine Entertainment, which owns this masthead and The Australian Financial Review<\/em>. A number of Nine executives are also members of the Chairman\u2019s Lounge and Virgin\u2019s Beyond lounge.<\/p>\n Pendal\u2019s relationship with Qantas has been in the spotlight this month after Rear Window revealed that Bensan holds 1,137,680 Qantas shares in his own name, making him the 28th biggest shareholder of the airline stock.<\/p>\n The majority of these shares were acquired in 2013 and approved by Pendal, and are independently audited every year. It is not rare for individual analysts to have personal holdings in their employer\u2019s key stocks, and there is no implication by this masthead that Bensan\u2019s Qantas hold is improper.<\/p>\n The airline business\u2019 once enviable share price has plummeted by almost 30 per cent over the past six months to $4.73.<\/p>\n Qantas was approached for comment.<\/p>\n The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion.<\/i><\/b> Sign up to get it every weekday morning<\/i><\/b>.<\/i><\/b><\/p>\nMost Viewed in Business<\/h2>\n
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