Persimmon, the UK’s second-largest housebuilder, faces a revolt over executive bonuses at its annual meeting this month after a leading adviser called on shareholders to reject the company’s pay plans.
Glass Lewis, a proxy adviser that works with more than 1,300 big investors globally, recommended investors vote against Persimmon’s advisory remuneration report, setting the scene for a fractious annual meeting at the end of April.
The recommendation is a further blow to Persimmon, which has attracted fierce criticism from shareholders and politicians over high pay at a time when housebuilders are facing questions about shortages of supply.
