Plan would see Greg Fitzgerald take home more than 拢5m a year
Vistry is proposing to increase its chief executive鈥檚 overall maximum pay package by 拢2.2m a year.
The housebuilder outlined the increase for Greg Fitzgerald in a notice to shareholders earlier this week.
Vistry wants to increase Fitzgerald鈥檚 basic salary by 5.9%, from 拢755,215 to 拢800,000 and raise his maximum annual bonus to 300% of salary instead of 150% this year. A separate long-term incentive plan bonus would increase from 200% to 300% from next year.
This means Fitzgerald鈥檚 total package limit would increase from 拢3.4m to 拢5.6m a year. Last year he received 拢2.5m in total.
Remuneration proposals were redrawn after a revolt last year saw 47% of Vistry shareholders vote against them.
Explaining the latest proposal, Paul Whetsell, chair of Vistry鈥檚 remuneration committee, said the housebuilder was a 鈥渟ignificantly larger and more complex business鈥� than it was before its 拢1.3bn acquisition of Countryside in November last year.
He said: 鈥淥ur CEO is the driving force behind developing sustainable new homes and communities across all sectors of the UK housing market.
鈥淗e was central to the successful completion of the combination [with Countryside] and remains critical to ensuring the progress made in completing the combination results in the delivery of long-term strategy and the creation of shareholder value.鈥�
Whetsell stressed that the targets Fitzgerald will need to hit to receive the full package 鈥渨ill require stretching performance鈥�.
Shareholders will vote on the issue at a general meeting on 30 August.
Tim Lawlor, chief financial officer, and Earl Sibley, the chief operating officer, have already moved onto new pay structures, the firm added.
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