Persimmon pays top directors more than £100m

Housebuilder Persimmon paid its chief executive Jeff Fairburn '‹Â£47m in 2017'‹ after a payout from a controversial long term bonus scheme.

Persimmon's CEO Jeff Fairburn

F'‹inance director Mike Killoran received £37m'‹'‹ and '‹group managing director Dave Jenkinson was paid £20m, bringing the total payout to the three directors to more than £100m last year.'‹Last month directors agree'‹d'‹ to '‹forgo around £50'‹m in bonuses f'‹ollowing the furore over the long term scheme.'‹Mr '‹Fairburn's near-£100'‹m award '‹has been cut '‹by £25'‹m following mounting pressure from politicians and some shareholders over the long-term incentive plan introduced by the company six years ago'‹. Angry investors have said the York-based group has been boosted by the Government's Help to Buy scheme.'‹The pay controversy led to the resignation of chairman Nicholas Wrigley and remuneration committee chairman Jonathan Davie late last year. '‹'‹'‹However, these latest figures were unaffected by last month's £50m reduction.'‹'‹Mr '‹Fairburn'‹'s annual salary and fees '‹in 2017 '‹r'‹o'‹se to £675,270 from £647,747 '‹the previous'‹'‹ year. The company's report and accounts also revealed that Persimmon's top three directors are to waive nearly £3m in bonuses that were due to them for the 2018 financial year and the money will be distributed among 4,000 members of staff instead.As a rough guide, this means each member of staff will receive around £750 each.The £3m is a rough estimate based on the 2017 bonus pay-outs. The actual figures are yet to be calculated.Chief executive Jeff Fairburn's 2017 bonus was £1.2m and finance director Mike Killoran’s bonus was £735,000. Group managing director Dave Jenkinson has also said he will waive his £740,000 bonus.The money will be distributed to staff, excluding those participants in the 2012 LTIP and the 2017 Performance Share Plan.

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