G4S Buckles’ pay is safe despite fiasco over Olympics contract

 
Michael Bow
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THE CHIEF executive of security firm G4S, Nick Buckles, saw his pay pot nudge up slightly last year despite an £88m hit to the firm caused by the Olympics security fiasco, accounts showed yesterday.

The FTSE 100 listed group saw its credit rating downgraded last year after thousands of military personnel had to be drafted in for the summer Olympics in London after G4S failed to provide enough security to staff the event.

Accounts out yesterday reveal Buckles was paid £332,000 in lieu of a pension last year, cash normally locked up until retirement helping increase the total for 2012 to £1.185m from £1.023m.

However, Buckles’ base salary, along with the two other executive directors Trevor Dighton and Grahame Gibson was frozen for the fourth time in five years at £830,000. A bonus payout was also scrapped in light of the Olympics fiasco.

A board review concluded there had been no “significant shortcomings” in Nick Buckles’ performance nor “serious failings” attributable to him in connection with the Olympics fiasco.