G4S boss Buckles in double-digit pay rise despite Olympic fiasco
Barclays has once again topped the official complaints table of shame published by the City regulator.
Nick Buckles, the chief executive of G4S, enjoyed a double-digit uplift in his total pay last year, despite the security firm’s disastrous handling of its London Olympics contract.
The military was called in last summer to plug a shortfall in staff hired for the Games, which left G4S nursing losses of £88m on the contact and led to calls for Mr Buckles to quit. However, his pay package jumped by 16 per cent to £1.19m in 2012, including a salary of £830,000, although the main reason for the uplift was payments in lieu of pension contributions of £332,000, according to G4S’s annual report.
But neither Mr Buckles nor other G4S executives earned a performance-related bonus.
G4S said in its annual report that Mr Buckles’ and other executives’ salaries were frozen in 2012 and will not rise this year – the fourth time in five years their salaries have not moved.
The security giant acknowledged at the 11th hour that it had failed to recruit the 10,000 staff required to protect the Olympics.
In July, it was announced that 3,500 servicemen and women were to be drafted in from leave or other duties to help fill the gaps, along with a further 1,200 placed on stand-by.
G4S revealed plans to increase potential long-term share bonuses this year to “ensure that the directors continue to be incentivised and motivated”.
Mr Buckles’ maximum shares bonus could rise to 2.5 times his salary from a maximum of two times in 2012. This could potentially hand him £2.1m in shares if he hits targets.
Shareholders will vote on the company’s pay deal at its annual meeting on 6 June in London.
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