Persimmon boss to give away part of £110m bonus

Jeff Fairburn Persimmon's chief executive

Jeff Fairburn Persimmon's chief executive

Chief executive Jeff Fairburn said he always meant to give a "substantial amount" of his triple-digit award to charity, and "regrets not making his feelings public sooner".

Mr Fairburn said last month that his decision on what to do with the money was a "private matter" but today he...

He said the uncapped bonus scheme was drawn up before he became chief executive in 2013 and he regretted that his company's performance had been overshadowed by uproar over the payout.

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It is understood that the chosen charities will receive a substantial portion of the £110m Mr Fairburn in line for and will run to "many millions of pounds".

As of 1450 GMT, Persimmon's shares were down 0.08% at 2,416.00p.

While the long-term incentive plan was approved by 85 per cent of shareholders in 2012, the criticism engulfing the company forced chairman Nicholas Wrigley and remuneration committee chairman Jonathan Davie to resign late previous year. It's now clear that this belief was misplaced and so I am making my plans public and recognise that I should have done so sooner.

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"Once it became apparent that our outperformance would lead to a very significant award for me, I made plans to use a substantial proportion of the total to support the charities that are particularly important to me and my family".

Investors in the company such as Royal London, and advisory groups Glass Lewis and the Pensions & Investment Research Consultants (Pirc), all criticised the LTIP, partly because it is not linked to targets such as how many homes Persimmon builds.

'It is an encouraging sign that some things are intolerable and shameful and have to be reversed'.

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