HS2 Ltd senior management took a voluntary pay cut and forfeited their lofty bonusses for the past financial year due to the declining market conditions.
HS2 Ltd chair Allan Cook and chief executive Mark Thurston (pictured above) took a voluntary 20% pay reduction for four months from November 2020 to March 2021, according to the company’s annual accounts.
It means Cook was paid £15,700 less than he received the previous financial year, while Thurston’s base pay was down by more than £37,000.
Thurston also forfeited his annual bonus, as did chief financial officer Michael Bradley. The previous year Thurston had received a £36,743 bonus, while Bradley had taken home an extra £15,975 in bonus payouts.
The report adds: “In light of the broader market conditions in 2020, the Chair and Chief Executive took a voluntary reduction in their base salary of 20% for four months, from 1 November 2020 to 31 March 2021.
“The Chief Executive did not receive an increase to his base salary in April 2020.”
It continues: “The 2020/21 bonus payments (none) shown for Mark Thurston and Michael Bradley relate to their performance for the Financial Year 2019/20.
“Both Mark Thurston and Michael Bradley elected to forego payment of performance related bonuses for the Financial Year 2019/20, which would have otherwise been paid in the 2020/21 financial year.”
Total staff costs for the financial year totalled just over £15.7M, up about £660,000 year-on-year.
Department of Civil Engineering https://www.ibu.edu.ba/department-of-civil-engineering/