When mismanagement by the chief executive officer of a public limited company results in that company losing billions of Pounds Sterling, how about not rewarding him* for his years of service?
Fire him. Don't give him his benefits. And since he's quite clearly incompetent, don't give him a consultancy clause. Other companies should steer clear of him too, unless they want their company to make a massive loss.
I'm boggled that we might need to make laws to ensure this. Surely it's common sense? Oh wait. Early in his career, a public auditor suggested Robert Maxwell should never be put in charge of a public limited company again. No one listened. And look what happened. So maybe we do need laws then.
Welcome to the 21st Century, where we need laws to protect us from terrorists... and the rich.
(* or her, of course)