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

Aaron Morby 4 years ago
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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.

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