Former G4S head Nick Buckles collects a £400K per year pension
Ousted G4S boss collects £400,000-a-year pension
Annual report details payments to Nick Buckles after a “challenging” year that culminated in the criminal tagging scandal
Alistair Osborne By Alistair Osborne, Business Editor7:34PM BST 14 Apr 2014CommentsComments
Nick Buckles, the former G4S chief executive who was ousted last May after a trio of blunders, has bowed out with an annual pension of £411,600, £1.18m cash and a long-service gift worth £12,890.
The payments are disclosed in the security group’s latest annual report, detailing a “challenging” year in which the company plunged £342m into the red – partly due to repaying £109m to the Government after over-charging on criminal tagging contracts.
Mr Buckles was replaced by new chief executive Ashley Almanza after a profits warning proved the final straw for the board. It followed the London Olympics security fiasco and the botched £5.2bn deal to buy Danish cleaning firm ISS.
Mark Elliott, chairman of G4S’s remuneration committee, stressed that the payments to Mr Buckles – and some £728,666 cash due to former chief financial officer Trevor Dighton – “simply reflected their contractual entitlements”. Mr Dighton receives a pension of £148,000 a year.
Mr Elliott added: “There were no additional payments nor was there any accelerated vesting of oustanding awards.”
Mr Buckles spent 28 years at the company that became G4S, creating the group after leading Securicor into 2004’s merger with Group 4 Falck.
But, within weeks of Mr Almanza taking over, the group was plunged into the tagging scandal. Both G4S and fellow tagging contractor Serco remain embroiled in a Serious Fraud Office investigation.
Mr Almanza, who has changed G4S’s senior management, was paid £1.46m for nine months’ work, including a £648,000 bonus. He has total fixed pay of £1.19m this year and the opportunity to earn a maximum cash and shares bonus of £4.75m.