“Housebuilder Persimmon faces new investor revolt over ‘highly excessive’ pay”

“Housebuilder Persimmon is braced for a fresh revolt over its controversial bonuses after shareholder advisers urged investors to vote against the company’s ‘highly excessive’ pay.

Advisory group PIRC has instructed investors to oppose the pay report for a second year running at the annual meeting early next month.

Last year, the FTSE 100 company narrowly escaped defeat over its bonus scheme for top bosses, but still suffered a major rebellion.

The scheme included a bonus worth more than £100million for former boss Jeff Fairburn that was trimmed to around £75million after a public backlash. The bonus pot was boosted by the taxpayer-funded Help to Buy scheme.

Persimmon, led by new chairman Roger Devlin, has attempted to draw a line under the scandal by trimming the overall payouts, ousting Fairburn, ensuring that all staff are paid more than the living wage, and making steps towards improving the quality of its homes.

Two other advisory firms Glass Lewis and ISS have both backed changes made by Devlin.

A Persimmon spokesman said the company understood ‘the need for pay restraint and spent 2018 working to ensure Persimmon’s future remuneration is clearly aligned with best practice’.”

https://www.thisismoney.co.uk/money/markets/article-6943125/Housebuilder-Persimmon-faces-new-investor-revolt-controversial-bonuses.html