Housebuilder Persimmon has seen its controversial remuneration policy approved by a narrow margin at its annual AGM despite significant protests from Aberdeen Standard Investments and other leading shareholders.
Persimmon’s award of a £100m-plus payout to its chief executive Jeff Fairburn was described as “almost unfathomable” by housing minister Dominic Raab earlier this year and leading proxy adviser Glass Lewis recommended investors vote against the remuneration policy ahead of the AGM.
In today’s votes, 64% of shareholders failed to support the huge payouts to Fairburn and three other leading executives and just 36% voted in favour of the renumeration policy.
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