Taylor Wimpey has cut the pay and bonuses of its executive team in the face of the coronavirus crisis.
The firm has announced that its executive directors are taking a voluntary 30% reduction in base salary and pension for the duration of the government-imposed lockdown. A 2% annual salary increase due to come into effect on April 1 2020 has been cancelled as well as the annual bonus scheme. “There will be no cash bonus payable in respect of the company's performance in 2020,” TW said in a statement to the City.
Non-executive directors will also take a 30% reduction in their fees for the same period of time.
“The objective of these changes is to conserve cash, with a particular focus on protecting the long-term financial security of the business as a whole, for the benefit of all of the company's stakeholders,” TW said.
Taylor Wimpey last week announced it was closing all its building sites as well as show homes and sales centres because of the coronavirus pandemic. TW has also stopped discretionary land spend and is cancelling its 2020 final dividend in line with other housebuilders.
