The embattled chief of Qantas Airways Alan Joyce said he would forgo any bonus or pay rise, joining a growing list of high-profile top executives at Australian companies who are doing the same.
Qantas is struggling with soaring fuel costs and worsening global conditions and has indicated it will this week post its first annual loss since privatisation in 1995.
In a statement to the stockmarket in June, the airline said it expected underlying profit before tax - its preferred indicator - to be Aus$50-100 million in the year to June 30.
This compares with Aus$552 million in the previous year.
Joyce said the board had accepted his decision to forgo any short-term or long-term incentive payments that would have been awarded for the 2012 financial year, and to turn down any salary increase.