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Redundancy payments for Olympic executives cost £2.8m | Redundancy payments for Olympic executives cost £2.8m |
(about 9 hours later) | |
The financial reports of the Olympic Delivery Authority (ODA) show 144 officials were paid a share of more than £2m when the authority was wound down in 2014. | |
Exit payments cost £2.8m in 2012-13, the Annual Report and Accounts said. | Exit payments cost £2.8m in 2012-13, the Annual Report and Accounts said. |
Chief executive Dennis Hone, made redundant in March, was paid £80,000 and had £373,000 paid into his pension. | |
An ODA spokesman said hiring the best people required many to give up secure long-term jobs elsewhere. | An ODA spokesman said hiring the best people required many to give up secure long-term jobs elsewhere. |
'Tough criteria' | 'Tough criteria' |
The financial reports note that the chief executive was entitled to receive statutory redundancy pay and a terminal bonus equivalent to 60% of his salary as part of his employment rights. | |
It said: "The Remuneration Committee decided to award a terminal bonus of 49% of his salary and to defer 50% of the bonus until the successful completion of the sale of East Village to QDD." | It said: "The Remuneration Committee decided to award a terminal bonus of 49% of his salary and to defer 50% of the bonus until the successful completion of the sale of East Village to QDD." |
Mr Hone was hired shortly after his redundancy as chief executive of the London Legacy Development Corporation. | Mr Hone was hired shortly after his redundancy as chief executive of the London Legacy Development Corporation. |
An ODA spokesman said London 2012 had been a "unique and challenging project and a great British success story". | An ODA spokesman said London 2012 had been a "unique and challenging project and a great British success story". |
He said: "We needed to recruit and pay for the best talent from the private and public sectors, requiring people in many cases to give up secure long-term jobs elsewhere, with no certainty of the project's success or getting a job after the Games. | He said: "We needed to recruit and pay for the best talent from the private and public sectors, requiring people in many cases to give up secure long-term jobs elsewhere, with no certainty of the project's success or getting a job after the Games. |
"The exit payments for staff other than Dennis Hone comprise only - and are limited to - statutory redundancy pay, any leave they were unable to take before their employment ended, and, where appropriate, payment in lieu of notice. | |
"Like other staff, Dennis Hone received performance related pay, but this was far from guaranteed and was measured against tough performance criteria." | |
On Friday, a report for the UK Trade and Investment department suggested the Olympics resulted in a £9.9bn boost for the economy. | On Friday, a report for the UK Trade and Investment department suggested the Olympics resulted in a £9.9bn boost for the economy. |