The Canada Pension Plan Investment Board has been criticised by a London judge after it sacked a “high earner” employee who put thousands of pounds in personal expenditure on a corporate credit card because his wallet was stolen.
In a case that highlights the potential pitfalls for employers and staff in the use of corporate cards, a UK-based managing director at the CPPIB, one of the world’s biggest pension fund managers, was dismissed for gross misconduct after he used his work card to pay for personal items, including a stay at a five-star hotel in Venice.
Simon Price, who worked in active equities, put £11,700 of charges on the American Express card, including British Airways flights to Albania, the Central London Employment Tribunal found.