Margaret Jackson
Encyclopedia
Margaret Jackson, AC
(born 17 March 1953) is an Australian corporate executive.
Jackson was born in Warragul
, Victoria, and studied at Warragul High School. She graduated with a Bachelor of Economics degree from Monash University
and a Master of Business Administration
from the University of Melbourne
. She is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants in Australia.
Jackson was the Chairman of Qantas
from 2000 to 2007 and was the first woman to become chairman of a top-50 publicly-listed company in Australia. She has been a director of Qantas since 1992, and her other directorships include the ANZ since 1994 and Billabong
.
Jackson is a former partner of accounting firm KPMG
and has also worked for accounting firms BDO Nelson Parkhill and Pricewaterhouse (now PricewaterhouseCoopers
).
. After the bid failed, she faced criticism that she had undervalued the airline, was reluctant to release upgraded profit forecasts and did not act in the best interests of the majority of shareholders.
Jackson was one of the most outspoken supporters of the takeover bid and, when asked of the ramifications of the bid failing, she famously stated, "If anyone thinks this will happen without affecting the (share) price then they have a mental problem with how the market works." This was interpreted by some observers as an insult to shareholders and evidence that Jackson was actively lobbying for the takeover consortium.
A number of highly-respected businesspeople and personalities have spoken out in support of Jackson including Sir Rod Eddington (Former Chief Executive Officer
of British Airways
) and former Victorian Premier Jeff Kennett.
As of February 2008, some opinions regarding Jackson's controversial support of the bid have shifted. Following the sub-prime-induced global market falls and amongst increasing difficulties in the airlines trading conditions such as higher oil prices, increased competition and a loss of monopoly control over key international routes, market views Qantas' value has fallen sharply from the pre-bid price. As of 27 May 2008, the share price had fallen by over 40 per cent since the takeover period with the bid price sitting at a 33-per-cent premium. Many media commentators such as Jennifer Hewett have suggested Jackson had been correct in her assertions that the takeover offer was a good deal for shareholders ..
John Howard
, the Australian Prime Minister, on Jackson and her retirement decision;
Order of Australia
The Order of Australia is an order of chivalry established on 14 February 1975 by Elizabeth II, Queen of Australia, "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"...
(born 17 March 1953) is an Australian corporate executive.
Jackson was born in Warragul
Warragul, Victoria
Warragul is a rural centre with a population of 12,943 people east-southeast of Melbourne in Victoria. Warragul lies between the Strzelecki Ranges to the south and the Mount Baw Baw Plateau of the Great Dividing Range to the north...
, Victoria, and studied at Warragul High School. She graduated with a Bachelor of Economics degree from Monash University
Monash University
Monash University is a public university based in Melbourne, Victoria. It was founded in 1958 and is the second oldest university in the state. Monash is a member of Australia's Group of Eight and the ASAIHL....
and a Master of Business Administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
from the University of Melbourne
University of Melbourne
The University of Melbourne is a public university located in Melbourne, Victoria. Founded in 1853, it is the second oldest university in Australia and the oldest in Victoria...
. She is a Chartered Accountant and a Fellow of the Institute of Chartered Accountants in Australia.
Jackson was the Chairman of Qantas
Qantas
Qantas Airways Limited is the flag carrier of Australia. The name was originally "QANTAS", an initialism for "Queensland and Northern Territory Aerial Services". Nicknamed "The Flying Kangaroo", the airline is based in Sydney, with its main hub at Sydney Airport...
from 2000 to 2007 and was the first woman to become chairman of a top-50 publicly-listed company in Australia. She has been a director of Qantas since 1992, and her other directorships include the ANZ since 1994 and Billabong
Billabong (disambiguation)
Billabong is an Australian English word for a small lake, specifically an oxbow lake.Billabong may also refer to:* Billabong , a brand of clothing and surfing wear...
.
Jackson is a former partner of accounting firm KPMG
KPMG
KPMG is one of the largest professional services networks in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young and PwC. Its global headquarters is located in Amstelveen, Netherlands....
and has also worked for accounting firms BDO Nelson Parkhill and Pricewaterhouse (now PricewaterhouseCoopers
PricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
).
Personal life
Jackson is married to Roger Donazzan and they have two children - Matthew, 24, and Lauren Donazzan, 20. She has a brother, Professor Graeme Jackson who is founder and director of the Brain Research InstituteControversy regarding Qantas takeover bid
In early May 2007, Jackson faced mounting pressure to resign from the board of Qantas after the dramatic last-minute failure of the Qantas takeover bid by Airline Partners AustraliaAirline Partners Australia
Airline Partners Australia is a consortium that made a A$5.45 per share takeover offer for Australian airline Qantas in December 2006. The takeover offer received the endorsement of the Qantas board in the absence of a better offer, however the proposed takeover failed to gain the required level...
. After the bid failed, she faced criticism that she had undervalued the airline, was reluctant to release upgraded profit forecasts and did not act in the best interests of the majority of shareholders.
Jackson was one of the most outspoken supporters of the takeover bid and, when asked of the ramifications of the bid failing, she famously stated, "If anyone thinks this will happen without affecting the (share) price then they have a mental problem with how the market works." This was interpreted by some observers as an insult to shareholders and evidence that Jackson was actively lobbying for the takeover consortium.
A number of highly-respected businesspeople and personalities have spoken out in support of Jackson including Sir Rod Eddington (Former Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of British Airways
British Airways
British Airways is the flag carrier airline of the United Kingdom, based in Waterside, near its main hub at London Heathrow Airport. British Airways is the largest airline in the UK based on fleet size, international flights and international destinations...
) and former Victorian Premier Jeff Kennett.
As of February 2008, some opinions regarding Jackson's controversial support of the bid have shifted. Following the sub-prime-induced global market falls and amongst increasing difficulties in the airlines trading conditions such as higher oil prices, increased competition and a loss of monopoly control over key international routes, market views Qantas' value has fallen sharply from the pre-bid price. As of 27 May 2008, the share price had fallen by over 40 per cent since the takeover period with the bid price sitting at a 33-per-cent premium. Many media commentators such as Jennifer Hewett have suggested Jackson had been correct in her assertions that the takeover offer was a good deal for shareholders ..
Resignation
On 17 May 2007, Jackson informed the Qantas board that "she will retire from the board when her term ends at this year's AGM (to be held in November 2007)". The board has thrown its support behind Jackson's decision to stay on until then because it ensures "continuity and stability" is maintained in the company.John Howard
John Howard
John Winston Howard AC, SSI, was the 25th Prime Minister of Australia, from 11 March 1996 to 3 December 2007. He was the second-longest serving Australian Prime Minister after Sir Robert Menzies....
, the Australian Prime Minister, on Jackson and her retirement decision;
Well I will make a comment. It’s her decision. I regard Margaret Jackson as
an outstanding business figure. I am not going to comment on the nuances or
ins and outs of the Qantas bid, but let me say that I think Margaret
Jackson has been a person of great ability and great integrity and she will
remain a very significant figure in the Australian business community. The
question of whether she continues as Chairman of Qantas is, of course, a
matter for her. I am not going to make a comment on that. I have got a lot
of confidence in her and I have got a lot of regard for her and she has
always struck me as a person of high intelligence and great integrity.