Taylor Wimpey cancels salary raises and bonuses
Taylor Wimpey has scrapped annual bonuses and decided that its board will take a 30 per cent pay cut after the builder temporarily closed all of its show homes, sales centres and construction sites due to the coronavirus outbreak.
The company, which has its regional headquarters in Wolverhampton, also said that a two per cent annual salary increase for executive directors will be cancelled.
"The objective of these changes is to conserve cash, with a particular focus on protecting the long-term financial security of the business as a whole, for the benefit of all of the company's stakeholders," Taylor Wimpey said in a statement to shareholders on Wednesday morning.
Taylor Wimpey's two per cent pay rise was set to come into force from April 1.
Meanwhile, estate agent Savills has announced that it will withdraw its previously proposed dividend of 27.05p per share, and delayed its annual shareholder meeting.
It said: "In response to the Government's public health instructions and stay at home measures in respect of the evolving situation regarding the Covid-19 pandemic, the board has taken a decision to defer the holding of the company's 2020 Annual General Meeting (AGM) from May 6 2020 to June 25 2020."
