The ACCC subsequently launched legal action alleging Qantas misled and deceived its customers by selling tickets on flights that had already been cancelled.

Loading

The remainder of the seats around the board table have been warmed by non-executive directors that tend to fall into line, either because they have drunk the Kool-Aid or perceive there’s too much professional risk in speaking up.

There are no noisy agitators on the Qantas board. No boat rockers. It’s mostly just professional non-executive directors, a bloke who is meant to be a marketing expert, and now, two former offshore airline executives.

Qantas has long been considered a trophy board. In years gone by, the old Fairfax and David Jones boards and even AMP were viewed similarly. In terms of power, prestige and perks, these boards all punched well above their weight.

The glamour of the Qantas board was particularly potent because free first class travel came with it.

And as noted by Nine chairman and former treasurer Peter Costello, Qantas has long wielded a disproportionate amount of power and influence in Canberra. Nine is the owner of this masthead.

Loading

But when a company loses its way, there is another line of defence – the major shareholders. These are primarily superannuation funds that look after the retirement nests of millions of Australians. A bunch of these funds account for about 30 per cent of Qantas’ shares.

Sadly, they too have been missing in action. They will surely have now been shocked into action, and it is hard to believe they won’t be asking serious questions of Goyder.

But if they are looking for any director scalps at the annual meeting in November it will be a frustrating exercise. The newest director, Doug Parker (the former head of American Airlines) will be on that ticket, as will Vanessa Hudson.

Goyder was up for re-election last year, so he is safe. He’s now saying that with Joyce gone, the airline will embark on its humility chapter. But turning this company from profit-centric to customer-centric will require a momentous cultural overhaul.

It would be disingenuous for most of the current board members to suggest they are up to that task.

The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.