Bovis Homes has faced a shareholder backlash over an “unusual” bonus payout to its finance director and a planned salary increase for its chief executive, despite not revealing his performance targets to investors.
The housebuilder handed Earl Sibley, the finance chief, £661,000 in total pay last year, including a bonus worth 200 per cent of his salary, 75 per cent more than its normal bonus limit.
Bovis was accused by a shareholder advisory group of “tinkering” with Mr Sibley’s pay packet to award him a larger bonus without explaining its calculations to shareholders. The Kent-based group, a FTSE 250 constituent, has faced consumer criticism about the stan
dard of its homes and has joined other housebuilders whose shareholders have voted against pay policies.
