Back­lash at Bo­vis bonus boost

Scottish Daily Mail - - City & Finance -

BO­VIS Homes is brac­ing for an in­vestor back­lash over plans to hand bonuses to bosses of up to 200pc of their salary.

Share­hold­ers will have the chance to vote on the pro­posal today as they meet to de­cide on the house­builder’s £1bn takeover of the res­i­den­tial arm of con­struc­tion firm Gal­li­ford Try. The ac­qui­si­tion will make Bo­vis Bri­tain’s fourth-largest house­builder, po­ten­tially pro­duc­ing up to 12,000 homes a year.

If the takeover and pay scheme is ap­proved, bosses would be able to earn long-term per­for­mance share bonuses of up to 200pc of their salary – up from 150pc pre­vi­ously – as well as cash bonuses of up to 150pc of their salary – up from 100pc.

Bo­vis has said the pay deal is jus­ti­fied be­cause the com­bined busi­ness will be trick­ier to run and that it is in line with the wider in­dus­try. But share­holder ad­vi­sory group ISS has flagged ‘sig­nif­i­cant con­cerns’ and urged in­vestors to vote against the changes.

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