Persimmon Homes -- CEO £100m Bonus...
Discussion
Is that just a bonus for this year? I'm all for people being fairly remunerated and having a nice lifestyle but surely these kinds of epic payouts are just contributing to the horrendous social inequality in this country? How much of it will end up off-shore? Any of it ear-marked for philanthropic purposes or is it just gonna be spunked on fuel for the super yacht and some parties with coke n' hookers?
vsonix said:
Is that just a bonus for this year? I'm all for people being fairly remunerated and having a nice lifestyle but surely these kinds of epic payouts are just contributing to the horrendous social inequality in this country? How much of it will end up off-shore? Any of it ear-marked for philanthropic purposes or is it just gonna be spunked on fuel for the super yacht and some parties with coke n' hookers?
After 45% tax is paid. Then VAT on luxury goods etc etc?crankedup said:
That aside, announcement made Fairborn has pledged a ‘substantial sum’ of his ridiculous bonus to a charitable trust.
What a joker. He was under pressure and I think shareholder meetings were coming up, So he announced that he is giving an amount away, but he won't say how much, or where it is going
His PR people are behind this to get some positive slant where there is none.
Was interesting to read the scathing views of his fellow industryman, the Redrow boss (who built his company from scratch), over the whole sorry mess.
sidicks said:
vsonix said:
Is that just a bonus for this year? I'm all for people being fairly remunerated and having a nice lifestyle but surely these kinds of epic payouts are just contributing to the horrendous social inequality in this country? How much of it will end up off-shore? Any of it ear-marked for philanthropic purposes or is it just gonna be spunked on fuel for the super yacht and some parties with coke n' hookers?
After 45% tax is paid. Then VAT on luxury goods etc etc?The perceived Social inequality that huge payments breed is a bigger problem that seems is inescapable from the current model of Captilism in the U.K. Still nice to know this particular ‘bonus’ will put back some cash into tax payers coffers as it was tax payers cash which drove the sales of the houses persimmon are building.
So it cost him his job in the end. Hardly a surprise, and I think they have played it very well.
All of the media are treating this as a case of corporate/personal greed and ignoring the real issue that the profits were created by a direct pass-through of taxpayers money through inflationary subsidy schemes.
If Persimmon can get this out of the headlines before the public start working that out, it will make it a lot easier for them (and the rest of the industry) to keep campaigning for further subsidy. Hopefully for them, they have got their LTIPs structured with big cash injections in mind this time!
All of the media are treating this as a case of corporate/personal greed and ignoring the real issue that the profits were created by a direct pass-through of taxpayers money through inflationary subsidy schemes.
If Persimmon can get this out of the headlines before the public start working that out, it will make it a lot easier for them (and the rest of the industry) to keep campaigning for further subsidy. Hopefully for them, they have got their LTIPs structured with big cash injections in mind this time!
kingston12 said:
So it cost him his job in the end. Hardly a surprise, and I think they have played it very well.
All of the media are treating this as a case of corporate/personal greed and ignoring the real issue that the profits were created by a direct pass-through of taxpayers money through inflationary subsidy schemes.
If Persimmon can get this out of the headlines before the public start working that out, it will make it a lot easier for them (and the rest of the industry) to keep campaigning for further subsidy. Hopefully for them, they have got their LTIPs structured with big cash injections in mind this time!
It cost him his job only because the shareholders are so infuriated by the massive negativity All of the media are treating this as a case of corporate/personal greed and ignoring the real issue that the profits were created by a direct pass-through of taxpayers money through inflationary subsidy schemes.
If Persimmon can get this out of the headlines before the public start working that out, it will make it a lot easier for them (and the rest of the industry) to keep campaigning for further subsidy. Hopefully for them, they have got their LTIPs structured with big cash injections in mind this time!
the bloke has brought to not only Persimmon but the house builders sector in general. If it were not for the shareholders revolt he would still be sitting in his CEO chair. Walking out of a interview from a television broadcast because he disliked being questioned about his bonus payment was the last straw for shareholders.
Can’t say the houses they build are of good quality either!
sugerbear said:
crankedup said:
If it were not for the shareholders revolt he would still be sitting in his CEO chair
He would have gotten away with it if it wasn't for those pesky shareholders!!! crankedup said:
sugerbear said:
crankedup said:
If it were not for the shareholders revolt he would still be sitting in his CEO chair
He would have gotten away with it if it wasn't for those pesky shareholders!!! crankedup said:
Indeed he would have, of course it’s the same shareholders who nodded through the bonus scheme back in 2013.
It would be interesting to see what expectations they had of likely payouts the time. I guess it was quite large anyway, but they couldn’t have predicted the ‘success’ of the Help to Buy fiasco.crankedup said:
sugerbear said:
crankedup said:
If it were not for the shareholders revolt he would still be sitting in his CEO chair
He would have gotten away with it if it wasn't for those pesky shareholders!!! Well played Jeff Fairburn! 
He now walks away with a huge pay out and will most likely land another good role as soon as he wants it.
If the Shareholders don't cover all the bases, it isn't anyone's fault but theirs. Fairburn was given an agreed Contract that simply had to be honoured. End of.
All the bleeding hearts who think he was overpaid are just green with envy that they cannot achieve anything close to the same.
He now walks away with a huge pay out and will most likely land another good role as soon as he wants it.
If the Shareholders don't cover all the bases, it isn't anyone's fault but theirs. Fairburn was given an agreed Contract that simply had to be honoured. End of.
All the bleeding hearts who think he was overpaid are just green with envy that they cannot achieve anything close to the same.
crankedup said:
sugerbear said:
crankedup said:
If it were not for the shareholders revolt he would still be sitting in his CEO chair
He would have gotten away with it if it wasn't for those pesky shareholders!!! Times change. Shareholders change. Investors attitudes change.
So the guy that is replacing him also got £40m from the same round of bonuses as £75m guy
(according to https://www.bbc.co.uk/news/business-46122407)
Maybe they're hoping the public won't notice that either.
I wonder if Mr. Fairburn's separation package happens to be worth the £25m he "gave up" to placate the public. If I were him, if they're now letting him go, I'd be reverting things to the original bonus award thanks very much
(according to https://www.bbc.co.uk/news/business-46122407)
Maybe they're hoping the public won't notice that either.
I wonder if Mr. Fairburn's separation package happens to be worth the £25m he "gave up" to placate the public. If I were him, if they're now letting him go, I'd be reverting things to the original bonus award thanks very much
kev1974 said:
So the guy that is replacing him also got £40m from the same round of bonuses as £75m guy
(according to https://www.bbc.co.uk/news/business-46122407)
Maybe they're hoping the public won't notice that either.
I wonder if Mr. Fairburn's separation package happens to be worth the £25m he "gave up" to placate the public. If I were him, if they're now letting him go, I'd be reverting things to the original bonus award thanks very much
Fairburn isn't to blame as such. Who would turn it down. He could have taken 25M more as you point out. The remuneration committee are to blame for not capping the potential bonus. Sheer incompetence.(according to https://www.bbc.co.uk/news/business-46122407)
Maybe they're hoping the public won't notice that either.
I wonder if Mr. Fairburn's separation package happens to be worth the £25m he "gave up" to placate the public. If I were him, if they're now letting him go, I'd be reverting things to the original bonus award thanks very much
OzzyR1 said:
crankedup said:
sugerbear said:
crankedup said:
If it were not for the shareholders revolt he would still be sitting in his CEO chair
He would have gotten away with it if it wasn't for those pesky shareholders!!! Shareholders only have loyalty to success which has been brought about by good sound management of thier Company, not particularly by good fortune.
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