G4S Chief Keeps Job While Company Wins Nuclear Guarding Award

Security company G4S, and its Chief Executive Nick Buckles, have come under serious scrutiny over the past twelve months having failed to meet their London 2012 Olympics commitment. However, Buckles has won the support of the company’s board and it has been announced that not only did he receive an annual salary of over £1m for 2012 but he could earn nearly four times this amount in 2013. Meanwhile, G4S has won a BSIA Award for its provision of security services to the Hinkley Point C nuclear site.

2012 was a difficult year for G4S. They were contracted by the London Olympics Committee to provide 10,000 staff for the games. The Armed Forces had to be called in to provide cover as it was announced barely a week before the event started that the security firm were unable to meet their commitments. Buckles was brought before the Houses of Parliament to provide reasons for this. This wasn’t the only bad news the company had over the twelve month period either.

Just a few months before the Olympics failure, which cost the company £88m to cover the cost of securing the event. Just months before this, the company failed in a bid to take over rival firm ISS. This aborted takeover attempt cost the company £55m. Financial figures for the group reflected these failures as profits slid from £275m to £175m. Buckles suffered the consequences too, although not many will feel sympathy for the £1.18m he picked up in earnings and bonuses.

Buckles earned £830 in salary during 2012. He also received additional benefits and payments in lieu of a pension and this brought his total remuneration to the £1.18m. Despite this, he has won the support of the board who have decided that he will retain the top spot. Not only this, but if he were to hit all of his targets in the next twelve months then he would earn a massive £4.5m; a figure that is half a million higher than any previous year as the board attempts to ensure that its employees remain motivated and incentivised.

However, the news is not all glum for G4S. They have been awarded the BSIA Award for Best Regional Team for their efforts in helping keep the Hinkley Point C nuclear site guarded in Somerset. The award was collected by senior team leader Luke Pearce, whose team consist of local people and former Ghurka army personnel. The team will now be put forward to potentially reach the national finals of the award.

G4S may continue to come under scrutiny and the London 2012 failure will live long in the memory of a lot of people as being the only blot on an otherwise immaculate Olympics record. However, they also continue to win new contracts and collect awards for their work. The board’s faith in Nick Buckles means that he will have opportunity to make up for the shortfalls of the past twelve months and to help repair what has become a badly damaged reputation for the private security firm.
 
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