Bovis Homes leader's pay packet halved to £513,000

Malcolm Harris, chief executive of Bovis Homes, was paid a salary of £513,000 last year, well short of his previous pay package which ran to £988,000 in 2006.

In addition, Bovis Homes’s annual report shows that of the 94,000 shares granted to directors, exercisable in 2010, Harris took the lion’s share of this pot with an award of 48,000 shares.

The grant price of the shares was put at £10.33, well below their current value.

Bovis Homes also put £107,000 into the chief executive’s pension pot last year.

Should Harris retire tomorrow he would find himself living on a pension of £349,000 a year.

At 31 December 2007, Harris held 341,000 Bovis Homes shares. At a current price of 584p a share, that gives him a further financial buffer of £2m should he need additional cash.