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Nice job if you can get it...

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By (user no longer on site) OP   
over a year ago

Just read that Jeff Fairburn, chief executive of housebuilder Persimmon, is getting a £128m bonus.

The bonus scheme – believed to be the most generous ever in the UK – is due to start paying out more than £800m to 150 senior staff on 31 December. The payouts are linked to the company’s stock market performance, which has been significantly boosted by the government’s help to buy scheme.

Fairburn is due to collect the first £50m worth of bonus shares on 31 December. The scheme, which is based on the level of dividend returned to shareholders, was meant to take 10 years to pay out, but the company has accelerated dividend payments.

The top three Persimmon bosses are due to collect more than £230m from the scheme, which was worth 9% of the entire company when it was created.

There have been casualties. Nicholas Wrigley, the company’s chair and a former banker, has resigned. He said he regretted not capping the bonus scheme and was leaving “in recognition of this omission”. Jonathan Davie, Persimmon’s senior independent director and chair of the renumeration committee, which sets company pay, also resigned on Thursday.

Executive greed is alive and even greedier than ever!

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By (user no longer on site)
over a year ago


"Just read that Jeff Fairburn, chief executive of housebuilder Persimmon, is getting a £128m bonus.

The bonus scheme – believed to be the most generous ever in the UK – is due to start paying out more than £800m to 150 senior staff on 31 December. The payouts are linked to the company’s stock market performance, which has been significantly boosted by the government’s help to buy scheme.

Fairburn is due to collect the first £50m worth of bonus shares on 31 December. The scheme, which is based on the level of dividend returned to shareholders, was meant to take 10 years to pay out, but the company has accelerated dividend payments.

The top three Persimmon bosses are due to collect more than £230m from the scheme, which was worth 9% of the entire company when it was created.

There have been casualties. Nicholas Wrigley, the company’s chair and a former banker, has resigned. He said he regretted not capping the bonus scheme and was leaving “in recognition of this omission”. Jonathan Davie, Persimmon’s senior independent director and chair of the renumeration committee, which sets company pay, also resigned on Thursday.

Executive greed is alive and even greedier than ever!

"

And made easier by this corrupt governments policy on housing

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By (user no longer on site) OP   
over a year ago


"Just read that Jeff Fairburn, chief executive of housebuilder Persimmon, is getting a £128m bonus.

The bonus scheme – believed to be the most generous ever in the UK – is due to start paying out more than £800m to 150 senior staff on 31 December. The payouts are linked to the company’s stock market performance, which has been significantly boosted by the government’s help to buy scheme.

Fairburn is due to collect the first £50m worth of bonus shares on 31 December. The scheme, which is based on the level of dividend returned to shareholders, was meant to take 10 years to pay out, but the company has accelerated dividend payments.

The top three Persimmon bosses are due to collect more than £230m from the scheme, which was worth 9% of the entire company when it was created.

There have been casualties. Nicholas Wrigley, the company’s chair and a former banker, has resigned. He said he regretted not capping the bonus scheme and was leaving “in recognition of this omission”. Jonathan Davie, Persimmon’s senior independent director and chair of the renumeration committee, which sets company pay, also resigned on Thursday.

Executive greed is alive and even greedier than ever!

And made easier by this corrupt governments policy on housing "

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

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By (user no longer on site)
over a year ago


"Just read that Jeff Fairburn, chief executive of housebuilder Persimmon, is getting a £128m bonus.

The bonus scheme – believed to be the most generous ever in the UK – is due to start paying out more than £800m to 150 senior staff on 31 December. The payouts are linked to the company’s stock market performance, which has been significantly boosted by the government’s help to buy scheme.

Fairburn is due to collect the first £50m worth of bonus shares on 31 December. The scheme, which is based on the level of dividend returned to shareholders, was meant to take 10 years to pay out, but the company has accelerated dividend payments.

The top three Persimmon bosses are due to collect more than £230m from the scheme, which was worth 9% of the entire company when it was created.

There have been casualties. Nicholas Wrigley, the company’s chair and a former banker, has resigned. He said he regretted not capping the bonus scheme and was leaving “in recognition of this omission”. Jonathan Davie, Persimmon’s senior independent director and chair of the renumeration committee, which sets company pay, also resigned on Thursday.

Executive greed is alive and even greedier than ever!

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead."

The tories were the lead partners as usual...and there buddys are reaping the rewards

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By *ercuryMan
over a year ago

Grantham

This was known about back on April, when the renumeration packages were voted through at the Persimmon AGM.

It's now only come to light as those that got these shares can collect on them on December 31st.

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By (user no longer on site)
over a year ago

And is Persimmon tax payer owned ?????

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By *ercuryMan
over a year ago

Grantham


"And is Persimmon tax payer owned ?????

"

This is the problem. It's a private company so it can do what it likes.

However bonuses such as these have no place in modern society. Will be interesting to see what Mr Fairburn does.

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By (user no longer on site) OP   
over a year ago


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards "

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

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By (user no longer on site)
over a year ago


"And is Persimmon tax payer owned ?????

This is the problem. It's a private company so it can do what it likes.

However bonuses such as these have no place in modern society. Will be interesting to see what Mr Fairburn does.

"

Exactly it's a private company and can do as it likes and so it should be able to do so.

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By *LCCCouple
over a year ago

Cambridge

He got £93m last year too! Not bad.

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By (user no longer on site) OP   
over a year ago


"He got £93m last year too! Not bad."

No wonder land and houses cost so much!

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By *nleashedCrakenMan
over a year ago

Widnes

I'm not quite sure what people are saying here but it seems to that they're saying companies shouldn't keep to their promises and commitments to their employees if that comment ends up being more than some perceived maximum amount.

As I see it the company said if the employees involved worked hard and performed well they'd get this money/share option and now their sticking to their word and giving what they said.

Whilst I strongly oppose excessive pay and bonuses being payed out when companies have not performed I have no problem with any company paying what ever amount it,and it's share holders, deem fare when its employees have produced to or exceeded expectations, especially if that's what they agreed to in the first place. This is good news for the individuals involved, good news for Persimmon and good news for the tax payer (as 45%, possible capital gains tax and/or dividend tax will be going to the treasury)

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By *nleashedCrakenMan
over a year ago

Widnes


"He got £93m last year too! Not bad.

No wonder land and houses cost so much!"

I think you're putting the cart before the horse. House prices are high because not enough houses have been built to meet demand over the last 30 to 40 years. House building companies are making a lot of money because house prices our high; they our not the cause (even with land banking).

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By *nleashedCrakenMan
over a year ago

Widnes


"And is Persimmon tax payer owned ?????

This is the problem. It's a private company so it can do what it likes.

However bonuses such as these have no place in modern society. Will be interesting to see what Mr Fairburn does.

"

Why?

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By *nleashedCrakenMan
over a year ago

Widnes


"Just read that Jeff Fairburn, chief executive of housebuilder Persimmon, is getting a £128m bonus.

The bonus scheme – believed to be the most generous ever in the UK – is due to start paying out more than £800m to 150 senior staff on 31 December. The payouts are linked to the company’s stock market performance, which has been significantly boosted by the government’s help to buy scheme.

Fairburn is due to collect the first £50m worth of bonus shares on 31 December. The scheme, which is based on the level of dividend returned to shareholders, was meant to take 10 years to pay out, but the company has accelerated dividend payments.

The top three Persimmon bosses are due to collect more than £230m from the scheme, which was worth 9% of the entire company when it was created.

There have been casualties. Nicholas Wrigley, the company’s chair and a former banker, has resigned. He said he regretted not capping the bonus scheme and was leaving “in recognition of this omission”. Jonathan Davie, Persimmon’s senior independent director and chair of the renumeration committee, which sets company pay, also resigned on Thursday.

Executive greed is alive and even greedier than ever!

And made easier by this corrupt governments policy on housing "

Which, while I agree it needs changing, is no worse than any other government's house building policy since the late 70s. The fact you don't agree with a policy doesn't mean it's corrupt.

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By *nleashedCrakenMan
over a year ago

Widnes


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?"

Would it be OK in your book if they were paud up members of the LibDems or Labour party?

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By (user no longer on site) OP   
over a year ago


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

Would it be OK in your book if they were paud up members of the LibDems or Labour party?"

I don't care what political party they belong to.

olderseekingyounger seems to think they were all buddies with the Tories. Obviously he knows something I don't.

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By *andS66Couple
over a year ago

Derby

What if the £800 Million was equally divided between the whole Persimmon workforce?

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By *ercuryMan
over a year ago

Grantham


"And is Persimmon tax payer owned ?????

This is the problem. It's a private company so it can do what it likes.

However bonuses such as these have no place in modern society. Will be interesting to see what Mr Fairburn does.

Why?"

Why? Do you think it's fair giving such a renumeration package to one person?

I have no problem with capitalism as a model but £100 million to one person?

And it didn't take long for stories of shoddy workmanship and late delivery to come out.

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By (user no longer on site)
over a year ago


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

Would it be OK in your book if they were paud up members of the LibDems or Labour party?

I don't care what political party they belong to.

olderseekingyounger seems to think they were all buddies with the Tories. Obviously he knows something I don't."

Buddies as in big business something that sailed right over your head....maybe those profits what were made from the right to buy scheme should had been plowed back in to building more affordable homes....and tbh i dont care what party they belong to

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By (user no longer on site) OP   
over a year ago


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

Would it be OK in your book if they were paud up members of the LibDems or Labour party?

I don't care what political party they belong to.

olderseekingyounger seems to think they were all buddies with the Tories. Obviously he knows something I don't.

Buddies as in big business something that sailed right over your head....maybe those profits what were made from the right to buy scheme should had been plowed back in to building more affordable homes....and tbh i dont care what party they belong to "

Funny because you always blame one party. Labour were in bed with big business too.

There were no profits from the right to buy scheme...all the buyers got their houses at a massive discount!

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By (user no longer on site)
over a year ago


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

Would it be OK in your book if they were paud up members of the LibDems or Labour party?

I don't care what political party they belong to.

olderseekingyounger seems to think they were all buddies with the Tories. Obviously he knows something I don't.

Buddies as in big business something that sailed right over your head....maybe those profits what were made from the right to buy scheme should had been plowed back in to building more affordable homes....and tbh i dont care what party they belong to

Funny because you always blame one party. Labour were in bed with big business too.

There were no profits from the right to buy scheme...all the buyers got their houses at a massive discount!"

Read the end of my post if your capable...they made these profits BECAUSE of the right to buy

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By (user no longer on site) OP   
over a year ago


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

Would it be OK in your book if they were paud up members of the LibDems or Labour party?

I don't care what political party they belong to.

olderseekingyounger seems to think they were all buddies with the Tories. Obviously he knows something I don't.

Buddies as in big business something that sailed right over your head....maybe those profits what were made from the right to buy scheme should had been plowed back in to building more affordable homes....and tbh i dont care what party they belong to

Funny because you always blame one party. Labour were in bed with big business too.

There were no profits from the right to buy scheme...all the buyers got their houses at a massive discount!

Read the end of my post if your capable...they made these profits BECAUSE of the right to buy "

No, they made these profits from the 'help to buy'.

You quoted 'right to buy'.

Please get your facts right before shouting.

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By *asyukMan
over a year ago

West London

This has more to do with everybody sitting on each other's remuneration committees and pumping up income based on scant regard to performance and none at all to the workforce.

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By *nleashedCrakenMan
over a year ago

Widnes


"And is Persimmon tax payer owned ?????

This is the problem. It's a private company so it can do what it likes.

However bonuses such as these have no place in modern society. Will be interesting to see what Mr Fairburn does.

Why?

Why? Do you think it's fair giving such a renumeration package to one person?

I have no problem with capitalism as a model but £100 million to one person?

And it didn't take long for stories of shoddy workmanship and late delivery to come out. "

Do you think it's fair for avcompany to make a commitments to pay someone an amount of money if they do what they have been asked to do and then, when they have done it, not to pay them the agreed amount?

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By *nleashedCrakenMan
over a year ago

Widnes


"

And made easier by this corrupt governments policy on housing

This government? The help to buy policy to was introduced by the coalition government, not this government.

If only it was help to supply instead.

The tories were the lead partners as usual...and there buddys are reaping the rewards

I take it you know the 3 senior directors and the other 147 senior staff are all paid up members of the Conservative party?

Would it be OK in your book if they were paud up members of the LibDems or Labour party?

I don't care what political party they belong to.

olderseekingyounger seems to think they were all buddies with the Tories. Obviously he knows something I don't.

Buddies as in big business something that sailed right over your head....maybe those profits what were made from the right to buy scheme should had been plowed back in to building more affordable homes....and tbh i dont care what party they belong to

Funny because you always blame one party. Labour were in bed with big business too.

There were no profits from the right to buy scheme...all the buyers got their houses at a massive discount!

Read the end of my post if your capable...they made these profits BECAUSE of the right to buy "

I'm not sure that they did make their profits BECAUSE of the right to buy scheme. In fact I'm pretty sure they would of made as much, if not more, profit building new council houses. Maybe if more protest had been put into allowing councils to build replacement council houses with the money raised from right to buy sales rather than into opposing it totally we wouldn't have such a big housing shortage now.

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By *ercuryMan
over a year ago

Grantham


"And is Persimmon tax payer owned ?????

This is the problem. It's a private company so it can do what it likes.

However bonuses such as these have no place in modern society. Will be interesting to see what Mr Fairburn does.

Why?

Why? Do you think it's fair giving such a renumeration package to one person?

I have no problem with capitalism as a model but £100 million to one person?

And it didn't take long for stories of shoddy workmanship and late delivery to come out.

Do you think it's fair for avcompany to make a commitments to pay someone an amount of money if they do what they have been asked to do and then, when they have done it, not to pay them the agreed amount?"

Not at all. The deal was agreed and voted through at the AGM.

My beef is that a cap should have been applied, and in the current climate, I'm staggered that it wasn't.

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By *ardiffCoupleNJCouple
over a year ago

Pontypridd/Rhyfelin


"This has more to do with everybody sitting on each other's remuneration committees and pumping up income based on scant regard to performance and none at all to the workforce."

(thumb

Sooner or later, as a society, we have to jointly decide how wealth should be distributed.

I am amazed that anyone can support these sort of payouts in a modern world.

Sooner or later technology WILL take over your job almost regardless of what you do now. What direction do we move in as a society?

Will it be just the owners of business who reap all the rewards?

What about the rest of us?

That's the way society is moving, more and more people being forced into lower paid 'gig economy' type jobs. This will only accelerate over the next 50 to 100 years (probably much less).

We really do have to be thinking now about how we want to see society develop. After all it's our kids that will inherit the mess we leave.

Already it's accepted that the next generation will for pretty much the first time since the industrial revolution, be worse off than the previous generation.

Trying to justify the morality of such payments (regardless of what previous promises were made) does suggest we are a long way from figuring out how we are going to create a better future for everyone.

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