STAGECOACH boss Martin Griffiths earned a total remuneration package worth £1.3 million in the transport giant’s most recent financial year, writes Scott Wright.

According to the company’s annual report, published yesterday, Mr Griffiths earned a basic salary of £639,000 in 2016. That was supplemented by a performance-related bonus of £302,000, pension benefits of £347,000 and other benefits in kind of £25,000, the report shows. The overall package for Mr Griffiths, who has been chief executive since 2013, matched the £1.3m he earned the year before. The executive also sits on the board of AG Barr, chairs Rail Delivery Group and co-chairs Virgin Rail Group Holdings.

Stagecoach chairman Sir Brian Souter, who co-founded the company with sister Ann Gloag, earned fees of £213,000, the report states, up from £209,000 the year before. Ms Gloag, who also sits on the board as a non-executive director, received fees of £55,000, up from £54,000.

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In June, Stagecoach booked a 17.9 per cent fall in pre-tax profits to £158.7 million in the year ended April 29 amid “subdued” conditions in the UK bus and rail sectors. The company booked an £84m charge against its loss-making Virgin Trains East Coast rail service. Mr Griffiths said then revenue growth on the franchise was “considerably” lower than what Stagecoach forecast when it bid for the right to run the service with Virgin Group in 2013.