G4S boss admits 'humiliating shambles Nick Buckles incurred the wrath of MP's on the Home Affairs Select Committee by admitting the company still planned to take its £57m management fee, despite failing to provide enough security staff for the Games. Keith Vaz, committee chairman, said it was "astonishing" that G4S still planned to take the payment. The fiasco has hit G4S shares, which fell another 5.7pc yesterday as investors fretted about the fall-out from the debacle and the future costs that could still emerge. Mr Buckles said the company will reimburse the 3,500 military personnel and police that are being used to for fill in G4S's shortfall and would consider paying any sums "that the military consider appropriate." This could include a bonus for military personnel and police similar to the £500 being paid to Transport for London staff during the Olympics. Despite the falling share price, Invesco Perpetual, which controls 5pc of the group's equity, said Mr Buckles had been let down by local staff and should not have to resign over the company's failure to provide enough guards for the event. M&G, the group's largest investor, has not yet commented on the crisis. Neil Woodford, Invesco's investment manager, said "It serves no purpose for us to execute Nick. I'm annoyed and disappointed in what has happened but I am not going to pin it on him. Other people he has employed are responsible and they will be held accountable," said Mr Woodford, adding that the board decided to support Mr Buckles after a two-hour meeting with the group's chairman, John Connolly, on Monday. G4S has lost about £650m in market value since revealing earlier this month that it had only found 4,000 security staff out of the 10,400 it was contracted to supply for the Olympics. Mr Buckles said the minimum number of staff the company "would deliver" was 7,000. He said he only realised there were problems on July 3 and came back from holiday in US on the same day. It came as a complete and utter shock ... completely out of the blue. I had no idea there had been operational difficulties. Reflecting on the damage to the company's reputation, he added: "Clearly we regret signing the contract but now we have to get on and deliver it. We have had a fantastic track record of service delivery over many years in many countries but clearly this is not a good position to be in. Mr Buckles admitted that the group no longer planned to bid for the contract to guard the forthcoming Olympics and World Cup in Brazil, as previously planned. G4S shares closed down 14.6 at 240p. Analysts have warned that the company's damaged reputation will affect its ability to win new government work and questioned how long Mr Buckles can survive at the company.