The great furlough dividend dilemma

Bosses who took taxpayers’ cash to pay wages risk ire if they reward shareholders
Balfour Beatty boss Leo Quinn said the furlough scheme had been an ‘inspired decision’ by the Treasury
Balfour Beatty boss Leo Quinn said the furlough scheme had been an ‘inspired decision’ by the Treasury

Leo Quinn won the jackpot last week. The building boss’s two-year-old racehorse, Ivasecret, romped home to its first victory under the floodlights at Kempton Park in Surrey. The colt, which he co-owns with his brother and two others, scooped £3,428 in prize money.

The chief executive of Balfour Beatty gave shareholders a jackpot of their own when he said the construction giant would resume dividends in March and return a further £50m via a share buyback — which will have the effect of boosting his share options, too.

The decision was controversial: Balfour, along with thousands of other businesses, was a recipient of taxpayers’ cash earlier this year when its operations were interrupted by the pandemic. In one instance, a Covid-19 outbreak temporarily forced the