Investors in housebuilding firm Persimmon look set to criticise executive pay and the composition of the company’s board at the annual general meeting (AGM) this week. Shareholders are unhappy about a share scheme established in 2012 which could pay out £600m to 150 directors by 2022 and about the appointment of Nigel Mills as a non-executive director. Mills’ is seen as lacking independence due to his connections with the company’s financial advisers, Citi. Investor bodies have issued a warning over a share scheme set up in 2012 which could hand out an estimated £600m to 150 directors by 2022. The Institutional Voting Information Service (Ivis) has issued an amber alert – the second highest of its warnings – about the relationship between Mills and Citi. Advisory bodies Manifest and Glass Lewis have also raised questions about the share bonus scheme and the remuneration report. Shares in Persimmon, whose shares fell more than 10% on Monday, were down around 2% after the AGM but recovered some ground later in the day.
Investors in housebuilding firm Persimmon look set to criticise executive pay and the composition of the company’s board at the annual general meeting (AGM) this week. Shareholders are unhappy about a share scheme established in 2012 which could pay out £600m to 150 directors by 2022 and about the appointment of Nigel Mills as a non-executive director. Mills’ is seen as lacking independence due to his connections with the company’s financial advisers, Citi. The Institutional Voting Information Service (Ivis) has issued an amber alert – the second highest of its warnings – about the relationship between Mills and Citi. Advisory bodies Manifest and Glass Lewis have also raised questions about the share bonus scheme and the remuneration report. Shares in Persimmon, whose shares fell more than 10% on Monday, were down around 2% after the AGM but recovered some ground later in the day.