Stagecoach launches legal attack on Chris Grayling over decision to block train line bids. Stagecoach Group (SGC) has dramatically raised the stakes in its battle with Chris Grayling over his decision to derail its train operation, with a threat of court action against the embattled Transport Secretary. The row over pension liabilities intensified this weekend as Stagecoach’s lawyers issued the Department for Transport with demands for information about its exclusion from bidding on train franchises. The letter, extracts of which have been seen by The Sunday Telegraph, is understood to be a prelude to potential High Court action.
British American Tobacco investors’ fury over £7.5m golden parachute for ex-chief executive. British American Tobacco (BATS) has been plunged into a pay crisis for the second year in a row as investors fume over a multimillion-pound golden parachute handed to its former boss. The cigarette titan, the world’s second-biggest and one of Britain’s largest companies, has enraged shareholders by awarding ex-chief executive Nicandro Durante at least £7.5m. Almost £60bn was wiped off the value of the Dunhill and Lucky Strike owner last year. Shares halved as US regulators discussed restrictions on menthol cigarettes and vaping. BAT is particularly exposed to the US market by virtue of its $49bn (£37.4bn) takeover of Reynolds, an acquisition Mr Durante spearheaded in late 2017.
GSK’s jet-set scientist racks up travel bill worth nearly $800k. GlaxoSmithKline (GSK) is under fire from shareholders over the “excessive” travel expenses of its chief scientist. Hal Barron, the drugs giant’s highest-paid executive, received $807,000 (£620,000) in flights and hotels last year. One major investor said that they were “taken aback” by the “monumentally high” expenses ahead of the company’s AGM next month. Figures released by GSK show that Dr Barron, a high profile pharmacologist, last year racked up $464,000 worth of flights between his San Francisco home and GSK’s main research hubs in Philadelphia and Stevenage. He also spent $294,000 on accommodation in the UK last year, bringing his total benefits package to $807,000.
Centrica faces strike threat amid worker outrage over Iain Conn’s pay rise. British Gas owner Centrica (CNA) is on a collision course with trade unions after handing its chief executive a bumper bonus while cutting thousands of jobs, raising the threat of strikes. The energy giant will enter talks with Britain’s biggest trade unions tomorrow to negotiate pay for thousands of front-line workers after revealing what was branded a “perverse” pay hike for chief executive Iain Conn. Centrica angered workers days before unions are due to begin annual pay talks for 8,000 call centre staff by laying bare Mr Conn’s £2.4m pay packet, including a £388,000 cash bonus.
