Close AGM vote on Persimmon pay

The vote on approving Persimmon’s Advisory Remuneration Report has been passed by shareholders at the firm’s AGM today, but with just 51.5% in favour and 48.5% against - 30.9% abstained.

The vote reflected shareholders’ concern over the level of remuneration which was generated from the firm’s LTIP (long term incentive plan) devised in 2012 – despite the directors reducing the amounts they received.

In a statement Persimmon said: ”In February 2018, the executive directors informed the remuneration committee of a series of decisions intended to reduce the scale of payments under the 2012 LTIP, to cap the future value on exercise to a maximum value equal to £29 per share, to extend the holding periods under any second tranche and to make these changes subject to continued employment.

“We are grateful for the support that allows us to draw a line under the 2012 LTIP debate and move forward.”

The firm said that in 2018 all directors have waived increases to their salaries and the executive directors have waived participation in any bonus with any such bonuses distributed to staff who have not participated in the …