Housebuilder Persimmon stands for new investor revolts against controversial bonuses

Housebuilder Persimmon stands for new investor rebellions above & # 39; very excessive & # 39; salary

  • The PIRC advisory group has instructed investors to once again object to the wage report
  • Last year Persimmon barely escaped the defeat over his bonus schedule

Housebuilder Persimmon braces itself for a new rebellion over its controversial bonuses after shareholders advisers advised investors to vote against the & # 39; very excessive & # 39; reward the company.

The PIRC advisory group has instructed investors to oppose the remuneration report for a second year at the annual meeting early next month.

Last year the FTSE 100 company escaped closely on the side of the bonus scheme for top bosses, but still got a big uprising.

The plan contained a bonus of more than £ 100 million for former boss Jeff Fairburn

The plan contained a bonus of more than £ 100 million for former boss Jeff Fairburn

The plan included a bonus of more than £ 100 million for former boss Jeff Fairburn that was shortened to around £ 75 million after a public impact. The bonus pot was stimulated by the Help-to-Buy scheme financed by the taxpayer.

Persimmon, led by the new chairman Roger Devlin, has tried to draw a line under the scandal by arranging total payouts, divesting Fairburn, ensuring that all employees are paid more than the living wage and steps to to improve the quality of their homes.

Two other consulting firms Glass Lewis and ISS have both supported Devlin's changes.

A spokesperson for Persimmon said the company understood “wage control needs and spent 2018 to ensure that the future reimbursement of Persimmon is clearly in line with best practice”.

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