Barratt boss paid £30k for holiday he cancelled

BARRATT Developments paid out £30,000 to reimburse its deputy chief executive when he had to cancel his holiday for work reasons.

The benefit, tucked away in the housebuilder’s annual report, is the latest example of generous sums handed to Britain’s top executives.

It is understood that about half of the sum went directly to Steven Boyes for the costs of his holiday and half was spent in tax payments due on that benefit.

Barratt sources said Boyes could not have claimed on a personal insurance policy because travel insurance does not typically cover cancellation for work reasons.

Fiona Macrae from website Travel Insurance Explained said it was right to say it is not covered on many standard policies.

But she added: ‘There are a few travel insurance products that allow customers to claim for any pre-paid trip costs which you cannot get back from anywhere else should you have to cancel your trip for “any cause beyond your reasonable control”.’

For a trip anywhere in the world of up to two weeks that would cost £136.16, she said, giving you £7,500 of cover per person.

Investors will this week give their view on Barratt’s pay policies at the housebuilder’s AGM.

Boyes earned £3million last year while chief executive David Thomas earned £3.3million.

The Mail on Sunday revealed earlier this year that the benefits lavished on some of Britain’s top executives are now so vast that one received as much to move house as the average employee earns in a lifetime.

Prudential boss Mike Wells received more than £1.6million to help him move to London from the United States.

Relocation payments are very common, but some bosses also receive allowances for clothing and for drinks, while others have had their home security upgraded by their employer.

Various housebuilding bosses have also taken advantage of company perks that allow staff to buy discounted homes their own company has built.