Pension schemes

The assets of the pension schemes in which the Group participates are generally held under trust, separate from the assets of the Group and are invested with a number of independent fund managers. There are six Trustee Directors for the principal Stagecoach Group Pension Scheme, two of which are employee representatives nominated by the members on a regional basis, and one is an Independent Professional Trustee. The other Trustee Directors, including the Chair, are employer appointed and include senior Group executives.

The Board periodically considers matters affecting the Group’s pension schemes from the perspective of the Group’s shareholders and other stakeholders. The Board and/or its Committees review pension scheme funding, investment strategy, risk management and internal controls surrounding pension matters.

The Group also operates a defined contribution plan for all eligible employees under a master trust arrangement provided by Standard Life (part of the Phoenix Group).

Disclosure of information

The Stagecoach Group Pension Scheme is, from 5 December 2024, made up of one “Main” Section and is ordinarily closed to new members, and to future accrual other than for a residue of legacy active members within two London operating companies.

A number of members chose to boost their pension savings during active membership by making Additional Voluntary Contributions to the scheme. In compliance with Regulation 23 of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 the Trustees’ Annual Report and Audited Financial Statements includes a Chair’s Statement setting out information in relation to the governance standards applicable to Money Purchase schemes, including Additional Voluntary Contribution schemes.

The Chair’s Statement for the Stagecoach Group Pension Scheme year ending 30 April 2024 can be found here, and the Statement of Investment Principles for the Main Section can be found here. The Trustees’ 2024 Implementation Statement for the scheme can be found here.

The Trustees’ second Taskforce on Climate-related Financial Disclosures (TCFD) Report, for the year ending 30 April 2024, can be found here.

Section 172 statement

This section of the website contains the reporting required to be made available on our website for Stagecoach Group Limited and certain of its subsidiaries.

In accordance with the Companies Act 2006 a number of the subsidiaries of Stagecoach Group Limited are required to prepare a statement in their strategic report which describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) when performing their duties as a director under section 172 of the Companies Act 2006 (commonly known as a “section 172 statement”). The section 172 statement must be made available on a website. This requirement applies to all subsidiaries which qualify as “large companies” under the Companies Act 2006.

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DETAIL	PERIOD	DATA
Stagecoach Group Limited 172 Statement	2023
Busway Travel Services Limited	2023
Cambus Limited	2023
Cheltenham and Gloucester Omnibus Company Limited	2023
Cleveland Transit Limited	2023
East Kent Road Car Company Limited	2023
East London Bus and Coach Company Limited	2023
Fife Scottish Omnibuses Limited	2023
Lincolnshire Road Car Company Limited	2023
Manchester Buses South Limited	2023
Midland Red South Limited	2023
Red and White Services Limited	2023
Ribble Motor Services Limited	2023
South East London - Kent Bus Company Limited	2023
Stagecoach Devon Limited	2023
Stagecoach Northwest Limited	2023
Stagecoach South Limited	2023
Thames Transit Limited	2023
Western Buses Limited	2023
Yorkshire Traction Company Limited	2023

Tax strategy

Stagecoach Group Limited UK Tax Strategy (2024)

Public transport is central to government plans in delivering economic recovery, levelling up communities, providing better air quality and health for local people, and transitioning to a net zero future. With our network spanning across England, Scotland, and Wales, our expertise in both commercial and contracted markets ensure an innovative approach to realising these goals. 

As part of a portfolio of transport and infrastructure assets managed by DWS Infrastructure, Stagecoach strategy is focused on three core objectives; 

Maximise our core business’ potential in a changing market 

Manage change through our people and technology to make it simpler and better 

Grow by diversifying to balance the portfolio and open new markets 

Download the Stagecoach Group Limited UK Tax Strategy (2024) (PDF 205KB) 

Gender pay gap

At Stagecoach, we want to be representative of the customers and communities we serve. By challenging gender stereotypes, we make sure that young women and girls see role models they can look up to in our industry, in every role across Stagecoach. By celebrating and encouraging diversity across our company we have made progress in improving our gender balance and increased the number of women in senior leadership roles.  

Download the Stagecoach Gender Pay Gap Report (PDF 231KB)

Non-audit services

Procedures in respect of other services provided by the auditors are in place to safeguard audit objectivity and independence. The Group’s policies on non-audit services are set by the Audit Committee and are currently:

• General – The auditors are not permitted to provide any non-audit services that they would be prohibited by law from providing due to either the nature of the services or the level of the fee for the services.
• Audit related services – These are services that the auditors must undertake or are best placed to undertake by virtue of their role as auditors. Such services include formalities relating to bank financing, regulatory reports, and certain shareholder circulars. The auditors would generally provide all such services, subject to any legal restrictions.
• Tax consulting – It is the Group’s policy not to use the auditors for tax consulting work.
• General consulting – For other consulting work, the Group will select an advisor after taking account of the skills and experience required and the expected cost of the work. The Group uses a range of advisors for general consulting, including the auditors where they are best suited to the work being undertaken and subject to any legal restrictions.
• The auditors are only permitted to provide non-audit services to the Group when the Audit Committee and the auditors are satisfied that there are no circumstances that would lead to a threat to the audit team’s independence or a conflict of interest that could not be effectively safeguarded.

The external auditor received no material non-audit related fees (2020: £0.1m) in the year ended 1 May 2021.

The Committee believes that the level and scope of non-audit services does not impair the objectivity of the auditors and that there is a clear benefit obtained from using professional advisors who have a good understanding of the Group’s operations. Other accounting or consulting firms have been used where the Group recognises them as having particular areas of expertise or where potential conflicts of interest for the auditors are identified. The Committee will review its policy on non-audit services from time to time, to ensure continued compliance with laws and regulations.

Strategic safety framework

This Strategic Safety Framework (“SSF”) is a statement by Stagecoach Group plc (“Stagecoach”) setting out our philosophy on health and safety matters, our governance arrangements and our approach to managing safety-related activities. The Stagecoach Board of Directors and the Stagecoach Health, Safety and Environmental Committee have endorsed the SSF, which also reflects their philosophy on health and safety matters.

Download the Stagecoach Strategic Safety Report (PDF 123KB)

Former shareholders

RECOMMENDED ALL CASH OFFER by INFRAMOBILITY UK BIDCO LIMITED for STAGECOACH GROUP PLC

On 20 May 2022 the recommended all cash offer by lnframobility UK Bidco Limited for Stagecoach Group plc was declared unconditional. All of the ordinary shares in Stagecoach Group plc (other than treasury shares) have now been acquired by lnframobility UK Bidco Limited and are no longer traded on the London Stock Exchange. Former shareholders of Stagecoach Group plc who held shares that were compulsorily purchased are entitled to receive 105 pence in cash for each Stagecoach Group plc ordinary share that they held.

Any former shareholder who has not yet received payment of the offer price for their shares should contact the receiving agent, Link Group, Dissentient Department at 10th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL.

Former shareholders should: 

• Write to Link at the above address quoting their Investor Code(s) - See share certificate or other correspondence for this code;
• State that they wish to be paid the Cash Entitlement from their former shareholding in Stagecoach Group plc; and
• Enclose the share certificate(s) for all of the shares in their holding.

Note that share certificates are important documents and that a charge is usually made where these have been lost. Certificates sent to Link are sent at the risk of the former shareholder and former shareholders may wish to use secure/ insured postage for these documents. Please note that valid share certificates will be dated from 2011 or later and will refer to a number of "ordinary shares of 125/228p pence each". Earlier share certificates were replaced by these certificates following a return of cash to shareholders and are no longer valid. Please check with Link registrars if you are unsure of the validity of certificates, or the number of shares that you hold.

For former shareholder queries, please telephone Link Group on 0371 664 9278 from within the UK. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 a.m. and 5.30 p.m. (London time) Monday to Friday excluding public holidays in England and Wales. Please note that Link Group cannot provide advice on the merits of the Offer nor give any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.