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Foxtons face investor backlash over boss bonus
17-04-2021, 06:57 AM
Příspěvek: #1
Foxtons face investor backlash over boss bonus
[Obrázky: _118047251_foxtonssign.jpg]


Foxtons is facing backlash from equity groups over its decision to pay top executives in bonuses despite £ 7million state support.The real estate agency plans to give Nic Budden a short-term bonus of £ 389,000.The ISS shareholder advisory firm urges investors to vote against Foxton's compensation report.Foxtons said: "We believe it is right to reward the hard work and results in a year that the business performed well in difficult situations.

The short-term bonuses are under £ 583,000 Mr Budden received last year.Foxtons noted that the separate cash bonus offered to Mr Budden's had been reduced by more than 50% while his overall cash compensation was lower. "More than a quarter compared to the previous year"This is because his basic wages are the same as they were five years ago, while his pensions and other benefits have decreased," a Foxtons spokesman said.


'Disconnecting the material'

However, Mr Budden's total slotxo charter package has increased to £ 1.6m, compared with £ 1.25m a year ago. And this year's payout deal includes a total £ 569,000 long-term share award, accessible in five years.Since last year, Foxtons has benefited from a £ 2.5m business rate cut as well as £ 4.4m in employee assistance payments.It has also knocked a shareholder price of £ 21m with the sale of new shares.ISS said it urged investors to vote against the company's compensation report at its annual general meeting on April 22, stating:

There was a significant disconnect between the companies' compensation. Bonus results and company performance in the year under review.While said the committee has taken steps to reduce the bonus. But it said there was concern that this was not. "Adequate acknowledgment of the impact of Covid-19 has required the company to seek government support and undertake an emergency (downgraded) capital increase during the year".ISS added: "Some investors may question the appropriateness of paying bonuses to the board of directors before paying the government subsidies they receive.


'No bonus'

The Investment Association, a group of 250 fund managers, issued a "red top" warning about Foxtons payments through the Institutional Voting Information Service (AVIS). The "red" alert by AVIS represents the highest level of concern to the issue. One Meanwhile, the Financial Times reported that another shareholder advisory group Glass Lewis has criticized the bonus payment and said investors should disagree at a shareholder meeting.In our view, there is no reason why companies should not reduce their bonus to zero, which is a common practice among FTSE listed companies," the company said.

A Foxtons spokesman said: “Like many businesses, Foxtons has been forced to close for several months over the past year. We are very grateful for the support from the government that we have spent the shortest time possible. But it was all it was intended - to heal people. During a long shutdown He said: "We trade for most of the year after stopping our short-term programs and working hard to support the move and keep tenants' assets safe.Foxtons last year reported revenue fell 12 percent to £ 93.5m, but pre-tax losses dropped from £ 8.8million to £ 1.4m.
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13-08-2021, 05:01 PM
Příspěvek: #2
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18-11-2021, 11:55 AM
Příspěvek: #3
RE: Foxtons face investor backlash over boss bonus
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12-05-2022, 09:24 PM
Příspěvek: #4
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