Yet another example of cronyism at work as 130 Persimmon staff share out a £300 million bonus thanks to spreading leasehold houses around the country.
The company’s hilariously mis-named “long-term incentive plan” – short-term fill-yer-boots, would be more accurate – has already seen CEO Jeffrey Fairburn being awarded a £112 million bonus.
The company’s regional managers are expected to pocket the largest chunk of the payout.
Mr Fairburn declined the full amount after getting up to £75 million, and putting aside some of the remainder for charitable causes.
But this has not satisfied Aberdeen Standard Investments, which “is understood to be exploring whether it can prosecute Mr Fairburn over his reduced £75 million bonus”, according to the Daily Telegraph.
The Telegraph says of the bonus scheme that it is “thought to be the most generous LTIP ever undertaken by a UK corporate”.
Taxpayers will be delighted to know that Jeff’s payola and that of his cronies is funded in large part via the Help To Buy scheme.
The Conservative government fuelled a housebuilding boom, only to find that these lovable little scamps in the housing sector decided to stuff their customers with leasehold tenure and “fleecehold” complex estate management contracts.
In the case of Persimmon, this saw the share price rise from £6.57 in 2012 to around £25.33 today.
Related posts:
Mail and Telegraph pile on the misery for Persimmon’s Jeffrey Fairburn (Good, says LKP, he deserves it)
Persimmon sold leasehold houses for £50,000 more than same-size freehold houses at Harrow View West
Criticism over bumper pay bonuses for Persimmon and Berkeley bosses
MP urges Commons to condemn developers selling leasehold houses with onerous ground rents. And names Taylor Wimpey, Persimmon, Bellway and Adriatic Land …
Guardian sticks with new-build ground rent scandal, while LKP advises Persimmon home buyers to walk away
No more Help To Buy payola to developers for leasehold houses
The way I see it, with all the tax payer funded subsidies and schemes the developers can tap in to, socialism is alive and well at the top table in this country! Whilst the rest of us are operating in a capitalist system that has run roughshod over peoples rights for the last 40 years or so. Sometimes with the injustices in this country I’m ashamed to be British!!!