Heathrow bosses get bonus if third runway approved

Heathrow bosses get bonus if third runway approved

Heathrow bosses will get bonus payouts if the airport gets permission to build a third runway.

Heathrow’s annual report shows executives would benefit personally from any expansion despite past denials.

The airport previously denied the existence of any financial incentives, in particular when it was revealed in February that Gatwick bosses have a similar incentive for a second runway.

CEO John Holland-Kaye earned £2.06m last year, more than doubling his basic salary of £885,000.

However, he could add even more to that should a third runway be approved. The annual report states that while a bonus scheme linked to expansion was launched in 2015, “as the performance in respect of this scheme is so uncertain at this stage, no value in relation to these awards is included” in his 2015 earnings package.

The airport cut its wider wage bill by cutting 300 jobs last year (6,714 compared to 7,047 in 2014) but directors’ pay rose. Directors’ remuneration rose by £366,000 in 2015, to £3,555,000 from £3,189,000 in 2014.

The details were uncovered by The Guardian newspaper.

Holland-Kaye, who refused to confirm any such bonus existed in a Guardian interview earlier this year, is believed to be the architect of the new scheme, according to The Guardian.

Last month, Holland-Kaye told David Cameron, the Prime Minister of the United Kingdom,  to “Get Off The Pot” live on LBC radio.

Perhaps he was referring to this money pot.

Internet links

Guardian article on Heathrow bonuses

Holland-Kaye tells LBC the Prime Minster needs to “get off the pot”

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