Shareholder backlash over housebuilder’s Mr £131million

shareholders rounded on housebuilder Persimmon yesterday in a revolt over its boss’s giant bonus.

Chief executive Jeff Fairburn – dubbed ‘Mr £131million’ over the potential size of his payout – came under fire at Persimmon’s annual meeting.

The firm apologised for handing the boss a deal that saw him pick up £47million last year. Mr Fairburn, pictured, has already agreed to cut the maximum amount he can get under the bonus scheme to £75million, but it did nothing to calm shareholders as 48.5 per cent of votes went against the pay scheme.

euan stirling, of City investor aberdeen standard, which has a stake of 2.3 per cent in Persimmon, said the firm’s name had been tarnished by the fiasco, adding: ‘The reduction in the amount accruing to the chief executive does not even get close to acceptable.’

Mr stirling said being a company director ‘requires a personal motivation that goes beyond simply amassing a fortune’ and ‘little of that is evident currently at Persimmon’.

Persimmon chairman Nigel Mills apologised over the way executive pay had been handled. he claimed the board had listened to the protest vote. senior executives had taken a cut in payouts and promised to give some of their funds to charity, he said.

shareholder andrew Ingleby, a 64-yearold retired engineer from Cheshire, told the meeting the pay awards given to bosses were ‘utterly unjustifiable’.

Finance director Mike Kiloran, 56, was paid £36.7million last year and is set for a further £27million. Managing director dave Jenkinson, 50, was paid £20.4million last year and is due to collect another £26million in shares this year.

Mr Fairburn refused to comment yesterday on his pay deal.