Stagecoach boss provides £250k for heart checks
HEAD of transport group Stagecoach, Brian Souter, waived £250,000 of his pay packet to fund health check-ups for its staff in its UK Bus division, according to the firm’s annual report issued yesterday.
Souter was awarded £762,000 for the last financial year. Though he was entitled to a performance-related cash bonus, after a bonus freeze in 2009 was lifted, his donation to fund heart-checks for bus workers means his overall pay has fallen more than 30 per cent.
Fellow executive director Martin Griffiths takes home £852,000 in cash, benefits and deferred shares, around £1,000 less than last year. Non-executive salaries remained frozen, taking total boardroom pay to nearly £2m, representing a 14 per cent annual drop.
The firm also said in the report its pension fund lost £138.7m last year, due to investment losses. The pensions deficit stands at £201.1m.