Shaftesbury has cut executive directors’ base salaries and pension contributions by 20% for three months, to put towards a new community fund to tackle the pandemic.
The 20% waivers, which took effect on 1 April, also apply to non-executive director fees.
The landlord said that all employees below board level continue to receive their full salaries and benefits, and none have been furloughed.
The company will use the cost savings from these cuts to set up a community fund, which will be made available to local community partners to address immediate needs arising from the pandemic, as well as funding for initiatives as government restrictions begin to be lifted.
The fund will provide support totalling £144,000, and bolsters the company’s regular support for charities and other non-profits, which in the last financial year reached £820,000, equivalent to 1.5% of EPRA earnings.
Chairman Jonathan Nicholls said: “Our commitment to our local community is long-established and integral to our values.
“The Covid-19 pandemic is presenting unprecedented challenges to patterns of life and activity, and the board’s waiver of remuneration will provide additional funding to support our community partners and their important work during the current crisis.”
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