ShareSoc has advised investors to vote against the Remuneration Report at Berkeley Group. Is a total pay figure of £21 million in 2015/16 for Executive Chairman Tony Pidgley justifiable on any grounds at all? It has surely arisen as the result of an over generous LTIP scheme which shareholders voted for without realising the possible consequences. LTIP schemes have been one source of the ever growing pay of public company directors and if we are to reign in pay levels we need to return to simpler pay schemes with bonuses and LTIPs being a minor element of total remuneration.
In Berkeley we even have the odd situation in that in addition to an Executive Chairman there is also a very highly paid Chief Executive.
These levels of pay cut significantly into the returns of shareholders. So despite the favourable results that Berkeley have been producing in recent years, ShareSoc asks that you vote against the Remuneration Report.
See the press release here for more information: