Bovis Homes fends off shareholder revolt over pay

Aaron Morby 6 years ago
Share

Bovis Homes has faced one of the biggest shareholder rebellions this year over excessive boardroom pay.

Group Finance Director Earl Sibley, 45, received pay hike for taking on interim chied exec role
Group Finance Director Earl Sibley, 45, received pay hike for taking on interim chied exec role

At the annual meeting yesterday, nearly 38% of shareholders opposed the board’s remuneration report.

The revolt was triggered by the decision to hike the bonus for Earl Sibley, the finance director who stood in as interim chief executive for three months following the departure of David Ritchie.

During his time at the top he fought off bids from Galliford Try and Redrow and then in April 2017 handed over to Galliford Try veteran Greg Fitzgerald who was lured with a three-year pay and shares package.

Sibley, 45, was paid a total of £661,000 last year, up from £371,000 in 2016.

In a statement after the vote the board said: “Given the unusual backdrop to the remuneration decisions that had to be taken this year – the departure of our previous CEO, the CFO acting as interim CEO, two unsolicited bids, the arrival of a new CEO and the launch of a challenging turnaround plan – the Remuneration Committee consulted extensively with shareholders prior to the AGM on its approach to executive remuneration for 2017/18.

“Going forward, the committee is committed to continuing an open dialogue with all shareholders. It welcomes feedback at all times and would like to thank those shareholders and proxy bodies who participated in its consultation this year.”

Earlier at yesterday’s agm, chief executive Greg Fitzgerald said: “The Group is making clear progress towards its medium term targets including a 23.5% gross margin and 25% return on capital employed.

“In the first five months we have seen positive results from our margin initiatives which represent further margin potential for the Group in the medium term.”

Latest news

M&E sector leads rise in subcontractor tender activity

Tender activity grows in first quarter but concern about project delays remain
8 hours ago

Funding deal for Salford Michigan Tower job

Vermont Construction to build first 34-storey tower for developer X1
9 hours ago

Court fight continues for specialist hit by CCJ blunder

Screeding contractor still fighting bureaucracy seven months after incorrect filing
8 hours ago

Morgan Sindall bags £60m raft of NHS projects

Mid and South Essex NHS Trust plans six projects
1 day ago

Peri buys shoring and temporary bridge specialist Mabey Hire

Scaffolding and formwork specialist expands offer
1 day ago

Steel contractor Embrace targets £100m revenue

Growing structural steel specialist appoints COO
9 hours ago

Vinci/McAlpine go-ahead for £312m Midlands hospitals revamp

Shrewsbury and Telford Hospital NHS Trust gets full business case approval
1 day ago

Lendlease puts construction arm up for sale

After two decades of global expansion Lendlease retreats to Australia
2 days ago

Mount Anvil seals Isle of Dogs estate rebuild

Firm will build 300 new homes at East London's Tiller Road Estate
1 day ago

Northumbria Uni invites bids for £75m CHASE project

12-storey student block to be demolished for new Centre for Health and Social Equity
1 day ago

Civils firm Akela appoints former Robertson director as MD

Framework expert Robert Ogg to lead growth at Scottish contractor
1 day ago

McLaren to build new Hertfordshire primary school

Contractor to prioritise local suppliers on High Leigh Garden Village site
1 day ago

Developer picked for Stafford town centre regeneration

ION Developments will draw up detailed plans for mixed-use Eastgate scheme
1 day ago

Former Crossrail boss Mark Wild to lead HS2

Wild to bear down on spiralling costs and bring rejigged scheme in on time
3 days ago

Receivers in at £125m Manchester tower developer

Domis Construction walked away from scheme following doubts over funding
4 days ago

Costain A1 £260m dualling job finally gets go-ahead

Ministers sat on planning inspectors report for nearly three years
2 days ago

Election delays decision on Lower Thames Crossing

Planning decision on £1.2bn Luton airport expansion also pushed back six months
2 days ago

Caddick steps-in at former Lane End housing job

Contractor to restart phase of £262m scheme hit by administration
2 days ago

Plans in for Leeds iconic Tetley building revamp

Former brewing giant's HQ to become indoor market and offices
2 days ago

BAM wins first phase of North Devon hospital revamp

New staff accommodation to kick-off hospital redevelopment
2 days ago

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
1 week ago

Strabag UK suffers further big trading loss

Austrian contractor is gearing up for major presence in the UK market
6 days ago

Durham Uni picks UPP for £130m student scheme

Firm will deliver 1,000 self-catered bed spaces
6 days ago

Architects now upbeat after 10-months of work gloom

Larger practices see rising workloads in next three months
6 days ago

Motorist dies after collision with road paver

Police Scotland investigating fatal crash
7 days ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
1 week ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
1 week ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
1 week ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
1 week ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
1 week ago

Contractor services