Stagecoach executives have been stripped of bonuses totalling almost £800,000 following the “disappointing” nationalisation of the East Coast mainline.

Chief executive Martin Griffiths was in line for short-term incentives worth around £593,000 while finance director Ross Paterson was due to be paid an extra £395,000 under Stagecoach’s annual bonus programme.

The FTSE 250 company’s remuneration committee “exercised discretion”, reversing agreed policies which would have allowed the pair to take home bonuses of 91pc of basic salary. Mr Griffiths received no bonus, and Mr Paterson was paid £198,000 on top of his £435,000 basic wage.

Mr Griffiths' total pay fell from £1.3m to £987,000, while Mr Paterson's rose from £811,000 to £867,000.