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Ex-nuclear bosses in legal fight over Magnox

Ex-nuclear bosses in legal fight over Magnox

Business
The former bosses of Britain's nuclear clean-up body are embroiled in a bitter legal fight over a two-year probe into ‎the botched handling of a contract that cost taxpayers more than £120m. Sky News has learnt that Stephen Henwood and John Clarke, respectively the former chairman and chief executive of the Nuclear Decommissioning Authority (NDA) are trying to block the publication of criticisms contained in a report by a leading businessman.‎Steve Holliday, the former chief executive of National Grid, was asked by the Business Secretary Greg Clark to undertake an independent inquiry into the award of the Magnox nuclear decommissioning contract, and its subsequent termination, in March 2017.Mr Holliday is understood to have completed his report several month...
Megan Lee: Takeaway bosses jailed over allergy death

Megan Lee: Takeaway bosses jailed over allergy death

Health
A takeaway owner and manager, who caused a teenage girl's death by sending her a meal containing peanuts, have been jailed for manslaughter.Megan Lee, 15, suffered irreversible brain damage after having an allergic reaction to food from Royal Spice in Oswaldtwistle, Lancashire, in 2016.Mohammed Abdul Kuddus and Harun Rashid were found guilty in October.At Manchester Crown Court earlier, Kuddus was jailed for two years and Rashid for three.In sentencing, Mrs Justice Yip told them Megan was responsible enough to highlight her allergies when placing the order but "sadly the same responsibility was not at your end". Judge Yip said the takeaway had no systems or processes to ...
Firms will have to justify pay gap between workers and bosses

Firms will have to justify pay gap between workers and bosses

Business
The country's biggest public businesses may soon have to publish the gap between the pay of their chief executive and an average worker.Business Secretary Greg Clark says directors of all companies with more than 250 employees will be required to disclose and explain this difference - known as the "pay ratio".Equal pay campaigners, business and investor groups welcomed the plan.But the TUC said it was "a first step" and even tougher rules were needed.In recent years shareholders have become increasingly vocal over executive pay levels, and have voted against what they see as excessive pay awards, most notably the high sums paid to former WPP boss, Sir Martin Sorrell. But top level remuneration, particularly chief executives, is often linked to the perform...
American firms reveal the gulf between bosses’ and workers’ pay

American firms reveal the gulf between bosses’ and workers’ pay

Finance
[unable to retrieve full-text content]HOW much should company bosses be paid relative to their employees? It depends who you ask. Plato argued that the richest members of society should earn no more than four times the pay of the poorest. John Pierpont Morgan, a banker from America’s gilded age, reckoned that bosses should earn at most 20 times the pay of their underlings. Investors today hold chief executives in vastly higher esteem. According to new filings submitted to the Securities and Exchange Commission (SEC), America’s largest publicly listed firms (those worth at least $ 1bn) on average paid their chief executives 130 times more than their typical workers in 2017. The figures are being disclosed by firms in their financial filings for the first time this year.The SEC’s new require
Carillion bosses drove construction firm off a cliff, say MPs

Carillion bosses drove construction firm off a cliff, say MPs

Business
Media playback is unsupported on your device Carillion's board presided over a "rotten corporate culture" and was culpable for its "costly collapse", two committees of MPs have concluded.They also called for a potential break-up of the big four audit firms, after they "waved through" the indebted construction firm's accounts. And they attacked the government for lacking "decisiveness and bravery" to tackle corporate regulation failures.The MPs said regulators should consider disqualifying the directors.Carillion collapsed under a £1.5bn debt pile in January. It employed 43,000 people, about 20,000 of them in the UK, thousands of whom have lost their jobs.It also held numerous public contracts, such as the maintenance of schools and priso...