Thursday newspaper round-up: Carillion, TSB, Alphabet, GVC Holdings

Accountants and lawyers will earn £70m managing the fallout from the collapse of Carillion, according to the National Audit Office, with taxpayers expected to foot a bill of more than £150m. In a report into the government’s handling of the outsourcing company, the NAO said the liquidation of Carillion showed the government had “further to go” in understanding the financial health of suppliers whose failure could have major consequences. - Guardian

TSB has admitted that 1,300 customers had money stolen from their accounts – in some cases their life savings – by fraudsters exploiting the bank’s recent IT meltdown. The bank’s embattled chief executive, Paul Pester, also disclosed that the number of people quitting the bank in the wake of the botched IT upgrade was running at 400 to 500 a day, and currently totalled 12,500 since the problems first emerged in late April. - Guardian

Alphabet became the latest tech company to face a grilling at its annual general meeting this evening, with investors tabling proposals to get Google's parent company to tie pay to diversity. The measure, which was backed by employees, would have meant Alphabet would have had to consider a number of metrics in its incentive plans, including those linked to diversity and inclusion. - Telegraph

BP’s new solar power venture has added another 57MW of generation capacity to its panel portfolio which can now power millions of UK homes. Lightsource BP made its latest multi-million pound acquisition through a £1bn partnership with BlackRock’s renewables investment fund which it set up last year to help snap up solar assets. – Telegraph

GVC Holdings shareholders yesterday scored a rare coup on excessive boardroom pay and independence by forcing the resignation of a non-executive director from the gambling operator’s remuneration committee. The announcement that Peter Isola, an expert in gaming law and regulation, had stepped down with immediate effect is particularly embarrassing as it comes only a week after it was announced that GVC was joining the FTSE 100 index of leading companies. – The Times

Walking away from a job with about £13 million in salary, bonuses and shares might be reward enough for some, but not for Burberry’s Christopher Bailey. The man once dubbed “one of this generation’s greatest visionaries” by Angela Ahrendts, his former boss, has also received a leaving gift worth £28,000 to thank him for 17 years of work at the luxury British fashion house. Burberry disclosed the gift — roughly equivalent to the UK’s average salary of £28,758 — in its annual report yesterday. It said that it had been given to Mr Bailey, 47, to “recognise his extraordinary contribution to the transformation of Burberry since 2001”. – The Times