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Pidgley's team set for £100m Berkeley bonus
15:36 25 Aug 2004
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Berkeley could have a fight on its hands on Friday at its AGM in
Cobham, Surrey, if shareholders tell chief executive Tony Pidgley
his team's proposed £100m bonus package is excessive.
The bonus is part of a plan to shrink the group's housebuilding assets and return £1.4bn to investors over the next six years.
Shareholders stand to get £12 a share.
In return, Pidgley and three other directors would be rewarded with a 15% stake in a slimmed-down company that would focus on urban regeneration. Assuming a total value of £500m to £700m, this would give Pidgley's team a slice worth £100m.
Pidgley is reported to have told investors that he will quit the company if shareholders block the bonus package.
Some shareholders, including Scottish Widows and Saad Investments, are backing the proposal. Berkeley needs 75% of investors to vote in favour of the restructure for it to proceed.
The bonus is part of a plan to shrink the group's housebuilding assets and return £1.4bn to investors over the next six years.
Shareholders stand to get £12 a share.
In return, Pidgley and three other directors would be rewarded with a 15% stake in a slimmed-down company that would focus on urban regeneration. Assuming a total value of £500m to £700m, this would give Pidgley's team a slice worth £100m.
Pidgley is reported to have told investors that he will quit the company if shareholders block the bonus package.
Some shareholders, including Scottish Widows and Saad Investments, are backing the proposal. Berkeley needs 75% of investors to vote in favour of the restructure for it to proceed.
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