Stagecoach bosses took home maximum bonuses last year, despite the firm’s plummeting share price and loss of the East Coast main line rail contract.
Chief executive Martin Griffiths was paid £848,000 on top of his normal salary, bringing his total pay to £1.8m. Finance boss Ross Paterson received £565,000 in bonuses, lifting his pay to £1.2m.
The firm’s shares have fallen by a quarter to 133.2p in the last 18 months, after losing the contract to run the East Coast main line in May 2018.
In April, the firm was further disqualified from bidding for three more rail franchises. This means it will no longer have a major rail contract when the contracts for the West Coast and East Midlands routes come to an end in the coming months.
The bonuses were equivalent to 130 per cent of the directors’ salaries, and were given for various criteria including “supporting the corporate reputation of the group and its reputation as an effective and efficient operator”.
Stagecoach is bringing legal action against the government for its disqualification from bidding in April.
Main image: Getty