This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/business/2013/apr/18/persimmon-suffers-shareholder-revolt

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Persimmon suffers shareholder revolt Persimmon suffers shareholder revolt
(5 months later)
Housebuilder Persimmon became the latest company to face a shareholder revolt over pay on Thursday when 22% of investors voted against a policy allowing chief executive Mike Farley to retire with a golden goodbye likely to be worth £4m.Farley, 59, stands down after more than 30 years at Persimmon, the UK's largest housebuilder by market value, which is best known for its sought-after Charles Church detached houses with historic flourishes.Housebuilder Persimmon became the latest company to face a shareholder revolt over pay on Thursday when 22% of investors voted against a policy allowing chief executive Mike Farley to retire with a golden goodbye likely to be worth £4m.Farley, 59, stands down after more than 30 years at Persimmon, the UK's largest housebuilder by market value, which is best known for its sought-after Charles Church detached houses with historic flourishes.
Shareholders voted 78% in favour of Persimmon's pay proposals at the company's annual general meeting at York racecourses. It came a day after oilfield services group Hunting saw a protest vote of 22% against a £2.8m package for its boss, Dennis Proctor.Shareholders voted 78% in favour of Persimmon's pay proposals at the company's annual general meeting at York racecourses. It came a day after oilfield services group Hunting saw a protest vote of 22% against a £2.8m package for its boss, Dennis Proctor.
Eric Chalker of the UK Shareholders' Association, the voluntary group that has led a campaign against Persimmon's reward schemes, said the yes vote was low compared with historic patterns. "I would say we can take some credit for that."Eric Chalker of the UK Shareholders' Association, the voluntary group that has led a campaign against Persimmon's reward schemes, said the yes vote was low compared with historic patterns. "I would say we can take some credit for that."
Large institutional investors, pension funds and asset managers, had been "asleep at the wheel" when they approved the pay package and an earlier long-term incentive plan that was little more than a gift to Farley and Persimmon executives, he said.Large institutional investors, pension funds and asset managers, had been "asleep at the wheel" when they approved the pay package and an earlier long-term incentive plan that was little more than a gift to Farley and Persimmon executives, he said.
"The [shareholders] appear not to have applied the necessary time and thought and have nodded this through," Chalker said."The [shareholders] appear not to have applied the necessary time and thought and have nodded this through," Chalker said.
Persimmon sweetened the remuneration deal, when it announced it wasbringing forward a plan to pay out a dividend of 10p per share in June, originally set for 2015. The company will pay £228m this year, out of £1.9bn earmarked for shareholders over the next nine and half years.Persimmon sweetened the remuneration deal, when it announced it wasbringing forward a plan to pay out a dividend of 10p per share in June, originally set for 2015. The company will pay £228m this year, out of £1.9bn earmarked for shareholders over the next nine and half years.
Jeff Fairburn succeeds Farley as group chief executive and was re-elected to the board with 99% of the vote.Jeff Fairburn succeeds Farley as group chief executive and was re-elected to the board with 99% of the vote.
The York-based company's pre-tax profits rocketed by 52% in 2012 amid signs of life in the south-east England property market. The company gained a further boost from the budget when the government promised to stoke £130bn of mortgage lending with a scheme to give first-time buyers a leg-up on the property ladder.The York-based company's pre-tax profits rocketed by 52% in 2012 amid signs of life in the south-east England property market. The company gained a further boost from the budget when the government promised to stoke £130bn of mortgage lending with a scheme to give first-time buyers a leg-up on the property ladder.
Enquiries on the Persimmon homes and Charles Church sites were 30% up on last year in the weeks since the budget, the company said.Enquiries on the Persimmon homes and Charles Church sites were 30% up on last year in the weeks since the budget, the company said.
Our editors' picks for the day's top news and commentary delivered to your inbox each morning.