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“Redrow hit by shareholder revolt over bosses’ bonuses and controversial new chairman”
… Former boss and founder Steve Morgan, 66, will still be entitled to bonuses, even though he has retired.
He has a 20 per cent stake in the company worth £422million.
There has also been anger at former chief executive Tutte, 63, becoming executive chairman, in breach of City rules for best practice in the boardroom.
Tutte is not considered independent enough because of his previous years at the company.
It prompted investor advisory services Glass Lewis and ISS to urge shareholders to oppose both changes. …”
“Affordable homes built at ‘pitiful’ rate despite increase
The number of affordable homes built in Britain has risen for the second consecutive year but analysts warned that the current level of housebuilding remained woefully inadequate.
Sixty thousand homes classed as affordable were supplied between April 2017 and March last year, according to official figures. While this is an improvement on the 43,473 built in 2015-16, it is still below the ten-year average of 62,400.
Affordable housing includes properties for social rent, shared ownership and other intermediate tenures. In 2017 the government set up a £7 billion fund to increase the supply of affordable homes by 40,000 within four years. As chancellor, Philip Hammond promised £3 billion to fund an extra 30,000 affordable homes through the scheme this year.
Scotland supplied the most affordable homes per person last year, at about 16 homes per 10,000 people.
England produced 8.5 homes per 10,000 people, although this was an improvement on six per 10,000 people in 2015-16. At 47,100, the number of affordable homes built in England last year was below the long-term average of 50,800. Wales also dragged on the long-term average, while Northern Ireland and Scotland registered growth.
The government also promised that 300,000 homes a year would be under construction by the middle of the next decade to increase affordability, but the present rate is about 220,000. Analysts have warned that the government will only hit its target if it increases funding for affordable housing because it can no longer rely on the private sector.
Marc von Grundherr, director of Benham and Reeves, an estate agency, said: “Just 60,000 homes delivered in a year and no change in the level of social housing in a decade is pitiful.
“Affordability is an issue not just in the London market but nationwide, and an issue that is largely exacerbated by a failure to build more homes at all levels to keep pace with a growing population and an increase in buyer demand. We must build more and this, in turn, will help boost affordability.”
Last month L&Q, one of Britain’s leading builders of affordable homes, withdrew from the market citing a “serious downturn” due to persistent uncertainty surrounding Brexit.
Source – TIMES (pay wall)