Taylor Wimpey directors take 30% pay cut

Housebuilder Taylor Wimpey has said its executive directors will take a voluntary 30% cut in base salary and pension for the rest of the coronavirus lockdown, among other remuneration changes. Non-executive directors will also take a 30% reduction in fees for the same period. The measure will remain in place until 30 June this year. The remuneration committee will review the matter again at that time if the lockdown continues beyond that date. Executive directors have also cancelled a 2% annual salary increase that was due to take effect today, as well as cash bonuses from its annual bonus scheme. Taylor Wimpey said the changes have been implemented to conserve cash, with “a particular focus on protecting the long-term financial security of the business as a whole”. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette