Vistry Group is set for a showdown with shareholders over a policy that could double its chief executive’s annual bonus.
The housebuilder’s board is proposing to increase the base salary of chief executive Greg Fitzgerald by 10% to £800,000.
It also wants to increase his potential bonus from 150% of his salary to 300%.
The long-term incentive plan would also be enhanced, enabling Fitzgerald to receive shares worth up to three times his salary if certain targets are met, instead of two times.
Fitzgerald was paid £2.5m last year, £1.6m of which was in bonuses. Under the new remuneration policy, his total annual pay could reach £5.6m.
That is far less than his US shareholders were demanding, with investors including Jeff Ubben’s Inclusive Capital putting forward plans that would have increased his remuneration to £60m.
