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