Barratt bosses have waived their performance bonuses in 2008 after a tough 12 months for the housebuilder.
The pay packet of Mark Clare, chief executive, fell 28% from £1.2m to £852,000 in the year ended 30 June. Last year he received a bonus of £598,000.
The salary of Mark Pain, Barratt’s finance director, fell 44% from £757,000 to £467,000. His bonus last year was £425,000. Overall the board’s pay fell 37% from £3.9m to £2.4m.
One City analyst said, given Barratt’s difficult year, which meant it was forced to refinance its £1.7bn of debt, bonuses were not appropriate.
“I think a few eyebrows would have been raised if Mark Clare had taken a bonus.”
Neil Fitzsimmons, chief executive of Redrow, took a more modest cut: his pay was down 3% from £534,000 to £518,000. Included in that figure was a £73,000 bonus, down from £114,000 last year.
Meanwhile David Arnold, Redrow’s finance director, received a small pay rise, climbing 2% from £384,000 to £391,000, which included a performance bonus of £66,000.
Total executive pay at the housebuilder dropped 16% from £2.5m to £2.1m.
Bosses at Kier fared better. The company had a mixed year that saw its housebuilding arm push pre-tax profit down by 18% to £63.4m. John Dodds, chief executive, picked up a £113,000 bonus that increased his pay by 13% from £585,000 to £659,000.
Finance director Deena Mattar received a £75,000 bonus that pushed her total pay up from 9% from £336,000 to £367,000.