Asset managers accused of grandstanding on Persimmon pay | Portfolio Adviser

Asset managers who slammed Persimmon pay packages this AGM season have been silent when questioned over their voting record at the UK housebuilder, which enabled executive remuneration to soar.<P><P>At this year’s AGM, held in April, 48.5% of shareholder votes were cast against the pay report, which sees chief executive Jeff Fairburn receive a whopping £75m.<P><P>But the UK Shareholders Association has accused asset managers that are only just jumping on the bandwagon of “grandstanding”.<P><P>“To come back and wring their hands and swipe out at senior management seems disingenuous,” said policy director Peter Parry.<P><P>Axa Investment Managers was the only asset manager out of the five-largest shareholders in 2012 who voted against Persimmon’s problematic long-term incentive plan (LTIP) introduced that year.

Source: Asset managers accused of grandstanding on Persimmon pay | Portfolio Adviser

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