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Major shareholders are in revolt over a ‘completely unjustified’ £630million payout for housebuilding bosses.
Persimmon has been under fire ever since it announced the bonus scheme, which is one of the biggest in UK business history.
Chief - Executive - Jeff - Fairburn - Windfall
Chief executive Jeff Fairburn is set to pocket a windfall initially estimated at £131million. Up to 150 managers will join in the bonanza.
BlackRock, the world’s biggest fund manager and Persimmon’s largest shareholder, is expected to challenge the share scheme because it has vowed to clamp down on corporate excess.
Asset - Management - Shareholder - Persimmon - Board
Aberdeen Asset Management, another major shareholder, is writing to the Persimmon board to voice its concerns.
Two more leading City institutions, Axa Investment Managers and Royal London Asset Management, have opposed the payouts.
Persimmon - Board - Members - Talks - City
Persimmon board members have opened talks with City investors in an attempt to head off a showdown.
Persimmon, which is based in York and is the country’s second-largest builder, sold 16,043 homes last year at an average price of £213,300.
Company - Fire - Payouts - Incentive
The company has come under fire for failing to cap the payouts eligible through its long-term incentive...
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