黑洞社区

Persimmon said it noted the 鈥渃oncern鈥� of shareholders who had savaged the housebuilder鈥檚 pay package for senior executives in a vote at yesterday鈥檚 AGM.

Investors voted through its remuneration report but only by 51%, while 48% voted against.

Around 68 million votes, representing approximately 30% of the group鈥檚 shares, were not cast.

In a statement Persimmon said that while executive directors had made 鈥渟ignificant reductions and adjustments鈥� to awards stemming from the long term incentive plan (LTIP) created in 2012 it recognised that 鈥渁 sizeable number of shareholders remained concerned over the level of remuneration that ultimately resulted from these awards鈥�.

Earlier this year Persimmon announced its chief executive Jeff Fairburn (pictured) had agreed to hand back around 拢30m of his potential 拢110m bonus, while chief financial officer Mike Killoran would return 拢24m of his 拢78m payout. Group managing director Dave Jenkinson was to give back 拢2.5m of 拢40m.

But one of the housebuilder鈥檚 biggest shareholders, Aberdeen Standard, said the company鈥檚 decision to reduce Fairburn鈥檚 remuneration to 拢75m did not come 鈥渃lose to acceptable鈥�.

Persimmon chairman Nigel Mill told the meeting: 鈥淭his could have all have been handled better.鈥�

The firm said it was 鈥済rateful for the support that allows us to draw a line under the 2012 LTIP debate and move forward鈥�.

The affair has trained the spotlight on the industry鈥檚 pay arrangements for top managers with rivals angered that they were being dragged into the row.

Earlier this year, Redrow founder Steve Morgan said the industry was 鈥減eed off鈥� with the awards and last week Barratt chief executive David Thomas told 黑洞社区 Persimmon鈥檚 bonus scheme was 鈥渘ot the norm鈥� and meant the industry was now having to fight off a perception its executives were netting excessive pay packets.