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Britain’s biggest housebuilders put their bosses back on full pay

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Via Yahoo Finance

Bosses at some of the UK’s largest housebuilders are back on full salaries after accepting pay cuts while building sites were temporarily shut to prevent the spread of coronavirus. 

The chief executive and the finance director of  FTSE 100 housebuilder Persimmon, Dave Jenkinson and Mike Killoran, initially accepted a 20pc reduction in base salary from April 1. With work on its sites re-starting earlier this month, their salaries have now returned to pre-coronavirus levels.

However, non-executive directors on the company’s board remain subject to a 20pc cut in fees. Mr Jenkinson’s and Mr Killoran’s agreement to forego any cash bonuses for the year remains.

Mr Jenkinson earned a total of £672,998 last year with no annual bonus, and Mr Killoran earned £633,074. Persimmon has a controversial history with pay following the departure of Mr Jenkinson’s predecessor Jeff Fairburn in a row over his £70m share-based bonus. 

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Barratt’s chief executive David Thomas, the rest of its executive directors, wider executive team, chairman and non-executive directors all agreed a voluntary 20pc reduction in base salary and fees from April until the group was able to re-start work in its sites.

Barratt started re-opening its sites on May 11, and a spokesman confirmed on Friday that the reduction in pay finished this week. Mr Thomas was paid £3.6m last year, mostly made up of bonuses but with a base salary of £739,000. 

Bellway has previously announced that its board’s 20pc cut in salary and fees would last until the end of May.

Vistry Group’s senior teams including boss Greg Fitzgerald all took a 20pc reduction in base salary and fees, effective from April 1. A spokesman said: “This is still in place and will be until further notice.”

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