Shareholders narrowly pass Persimmon pay deals despite protests

By Richard Hook2018-04-25T17:10:00

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.

This content is only available to registered users

You must be logged in to continue

Would you like to read more?

Try Property Week For Free to finish this article.

Unlimited access to Property Week
Breaking news, comment and analysis from industry experts as it happens
Choose from our portfolio of email newsletters

To access this article TRY FOR FREE NOW

Don’t want full access? REGISTER NOW to read this article and up to 3 more this month and subscribe to our newsletters.

Registered users and subscribers SIGN IN here to continue