Balfour Beatty board follows Kier’s move to take 20% pay cut

Aaron Morby 2 months ago
Share

Balfour Beatty’s main board has decided to take a 20% salary cut in response to the coronavirus crisis.

The decision follows Kier which earlier this week said its top leadership team would take a similar basic salary cut for three months.

Balfour this morning also announced it was delaying its annual general meeting due to be held on 14 May and was reviewing whether to pay its proposed year-end dividend.

Balfour, which is one of the few major contractors to decide to keep sites open said: “The primary focus for the group is on the health, safety and wellbeing of all employees, partners and the general public.

“In line with the current guidance on COVID-19 from the UK Government, the group’s sites and contracts will remain operational where it is practical to appropriately implement the Standard Operating Procedure issued by the Construction Leadership Council, and endorsed by Public Health England.

“As part of the leadership’s response, during this challenging period, the group chair, executive, non-executive directors and the group’s executive committee have committed to take a 20% reduction to their salaries. ” 

Balfour Beatty said it was facing the crisis from a strong financial footing, built up over the last five years.

It reported current net cash of £395m and £375m of undrawn facilities.

Latest news

SIG management blunders rack-up £112.7m loss

New boss promises growth strategy after PwC called in to investigate divisional forecasts
6 hours ago

Union calls for construction workers to wear masks

Unite demands revisions to Construction Leadership Council guidelines
1 day ago

Robertson approved to start major Blackpool hotel

Site clearance to start next week on phase 2 of £100m Talbot Gateway regeneration
5 hours ago

Failed NHS Nightingale joinery firm sold in pre-pack deal

J&P Carpentry and Joinery went into administration after working on Birmingham NEC hospital
1 day ago

Steel erection starts on first HS2 bridges

Cleveland Bridge starts erecting 65m bridge to span M42
5 hours ago

Scotland’s builders begin return to work preparations

Firms hope to be cleared to return to work from mid-June
6 hours ago

£61m infra loan to pave way for 6,500-home scheme

Local contractors to sign first deals this summer to transform Cambridgeshire site
6 hours ago

Keep the industry updated by joining the Enquirer Directory

Membership lets construction know you are open for business now or in the future
2 years ago

Vistry asks subcontractors to cut rates

House builder warns trade packages could be retendered
1 day ago

TClarke rides out lockdown and eyes £2m half-year profit

M&E boss says swift cost savings helped firm breakeven in April and May
1 day ago

Kier confirmed for £97m Heartlands Hospital job

Work to start this summer on Ambulatory Care and Diagnostics Centre
1 day ago

Costain completes £100m fund raise

Dubai contractor takes 15% stake in Costain
1 day ago

Tycoon’s £1bn flats scheme consent quashed in Whitehall U-turn

Housing secretary accused of bias in backing Richard Desmond's 1,500-flat Isle of Dogs scheme
2 days ago

First pictures of giant HS2 tunnelling machines

TBMs being manufactured in Germany before launch on site later this year
1 day ago

M&E contractors hoping to ‘hold on’ through covid crisis

Engineering services leaders urge whole supply chain to work together to survive
1 day ago

Griffiths to start £25m historic Welsh viaduct upgrade

Restoration work to start next month on 150-year-old wooden viaduct
1 day ago

Barratt subcontractor rate cut letters “sent in error”

Specialists assured that 15% rate reductions are "not company policy"
2 days ago

NHS Nightingale joinery firm goes under

J & P Carpentry and Joinery collapses weeks after fast-track NEC conversion
2 days ago

EDF seeks consent for £18bn Sizewell C nuclear plant

Project will employ 25,000 construction workers, delivering a big post-covid 19 stimulus
2 days ago

Covid-19 compliance officers keep Ballymore sites safe

Contractors can draft in virus-protection help from new specialist supplier
2 days ago

ISG secures £17m Dudley leisure centre

Work to start on delayed Flood Street area leisure centre and swimming pool
2 days ago

Construction output to plunge 25% this year

Despite a strong rebound 2021 forecast to be down 6% from last year
3 days ago

£1bn building safety cladding fund open to applicants

Residential building owners can apply for funding for remedial work on non-ACM cladding systems
3 days ago

Roads contractors told to halve accident rates

Highways England aims to build on improved site safety performance seen during covid-19
3 days ago

Keepmoat to restart work on sites across England

House builder employs 1,150 staff and supports 10,000 supply chain jobs
3 days ago

A66 TransPennine £1bn upgrade route picked

Amey/Arup JV wins £45m design contract
6 days ago

Plan in for station on £40m revived Birmingham rail line

Plan lodged for new Moseley station on Camp Hill railway re-opening project
3 days ago

Highways firm trials social distancing tags on sites

Lightweight system can be clipped on belts, lanyards or hard hats
3 days ago

Ferrovial drops Agroman name

Ferrovial Construction become major project brand
3 days ago

Button pressed on race for £25m lift framework

Specialists wanted for four-year deal across north of England
3 days ago

Contractor services