Plan would see Greg Fitzgerald take home more than £5m a year
Vistry is proposing to increase its chief executive’s overall maximum pay package by £2.2m a year.
The housebuilder outlined the increase for Greg Fitzgerald in a notice to shareholders earlier this week.
Vistry wants to increase Fitzgerald’s basic salary by 5.9%, from £755,215 to £800,000 and raise his maximum annual bonus to 300% of salary instead of 150% this year. A separate long-term incentive plan bonus would increase from 200% to 300% from next year.
This means Fitzgerald’s total package limit would increase from £3.4m to £5.6m a year. Last year he received £2.5m in total.
Remuneration proposals were redrawn after a revolt last year saw 47% of Vistry shareholders vote against them.
Explaining the latest proposal, Paul Whetsell, chair of Vistry’s remuneration committee, said the housebuilder was a “significantly larger and more complex business” than it was before its £1.3bn acquisition of Countryside in November last year.
He said: “Our CEO is the driving force behind developing sustainable new homes and communities across all sectors of the UK housing market.
“He was central to the successful completion of the combination [with Countryside] and remains critical to ensuring the progress made in completing the combination results in the delivery of long-term strategy and the creation of shareholder value.”
Whetsell stressed that the targets Fitzgerald will need to hit to receive the full package “will require stretching performance”.
Shareholders will vote on the issue at a general meeting on 30 August.
Tim Lawlor, chief financial officer, and Earl Sibley, the chief operating officer, have already moved onto new pay structures, the firm added.
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