David Prosser: A flight path for BAA after its terrible year
Wednesday 23 February 2011
Outlook Bad luck certainly came in threes for BAA last year. The British Airways cabin crew strike was bad for the airports operator. The Icelandic volcano was worse. And then there was the snow, for which BAA thought it had prepared well, only to discover it hadn't.
After that trio of misfortune, maybe BAA should thank its lucky stars that it escaped with a loss of only £317m for 2010 (it prefers the Ebitda measure, on which it made a £967m profit after debt servicing costs and other adjustments). Still, the chief executive, Colin Matthews, like the bankers before him, felt obliged to waive his bonus payment of nearly £1m as an act of contrition for the debacle of the big freeze.
Will he have to do so again in future? Not if BAA hits the financial targets to which his bonuses are linked. Still, if Mr Matthews really wants to prove he is sorry about what happened in December – as he insisted on the BBC this week – what about doing a BP?
There, Bob Dudley has said that post-Deepwater Horizon, bonuses will be much more closely linked to the oil major's safety record. For Mr Matthews, the equivalent would be a better link to customer service performance.
- 1 Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
- 2 Porn block in India: hundreds of sexual websites banned, internet outraged
- 3 Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Gamers confess the worst things they've done in The Sims
Jackie Chan in second place in Forbes' Highest Paid Actors list after magazine includes actors working outside US movie industry
Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Dutch King Willem-Alexander declares the end of the welfare state
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...