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Persimmon Remuneration : a Case Study in Regulatory Failure
The economic value of the Persimmon 2012 LTIP grant is now close to £400million.
• £120million of this will go to just 3 directors.
• £10million will go to the Chief Executive who retired in April 2013.
This is a huge transfer of value from a scheme that was never justified in the first place (see UKSA's 2013 advice) and has since been inflated by the effect on all housebuilders' share prices of Help to Buy.
You won’t find any of this in the Persimmon 2013 Annual Report or the Remuneration Report contained within it.
UKSA calls for action to address the failures of governance, stewardship and regulatory oversight this shocking situation exemplifies.