Persimmon pays top directors more than £100m

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

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.