information: As a result of the financial impact of the COVID-19 pandemic, some corporates made the decision to highlight the impact of COVID-19 on their business and financial reports. The market has recently observed several corporates presenting alternate financial metrics excluding the impact of COVID-19. For example, Schenck Process LLC, a German measuring and process technology company, added back 5.4 million euros to its earnings claiming it as the earnings it would have achieved had the pandemic not occurred. In a press release for their quarterly results, AT&T, one of the world's largest telecommunications companies reported measures of Adjusted Earnings Per Share (EPS) with and without COVID-19 impact.1 Along those lines, assume the Board of Director of Qantas Airways Limited is currently considering whether to include an additional measure of earnings representing earnings before interest, tax, depreciation, amortisation and COVID, namely 'EBITDAC', in its next quarterly results announcement. Qantas is a listed Australian company that provides domestic and international air transportation services. Question: Assume you are a business consultant, reporting to the Board of Directors of Qantas Airways Limited. You have been contracted to provide a report to Qantas' Board of Directors which: Discusses whether or not Qantas should disclose EBITDAC taking an agency theory lens. Ensure you demonstrate explicit understanding of agency theory in your response

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