Persimmon boss loses cut of bonus

Persimmon’s Chief Executive will have his bonus cut by £25m following criticism over excessive rewards, the BBC reports.

Jeff Fairburn will receive £75m worth of shares rather than the £100m he was previously due to get under the company’s long-term incentive bonus plan.

“It is clear that the absence of a [bonus] cap … has given rise to the potential for payouts which, when triggered in full, will be significantly larger and paid earlier than might reasonably have been expected at the time the scheme was originally put to shareholders,” the housebuilders said in a statement.

However, Royal London Asset Management said in the Guardian that while the Board had finally listened to shareholders, the sums being paid to the executives were still generous.