BusinessCompany NewsBerkeley commits to governance reforms

Berkeley commits to governance reforms

Listed housebuilder, the Berkeley Group, is to review its remuneration policy and is to appoint another non-executive director to its board in order to improve corporate governance.

Link: Corporate governance still not top of the agenda

The company has been under heavy criticism following the awarding of a £1.2m pay out to its chief executive Tony Pidgley.

In a statement the group acknowledged that pay award to Pidgley was ‘clearly undesirable and not in accordance with best practice’.

As part of the review shareholders will be invited to approve any new long-term incentive schemes that may be put forward in the future.

In addition, the board will be balanced out with the appointment of a fourth non-exec, meaning that there will then be five executive directors and four NEDs.

And as part of a review of The Board, Berkeley will ‘very seriously consider the need for a second new independent director in order to ensure that the Board is strengthened in line with the Higgs Report’.

‘We will also report back on this in our half-year statement. I confirm that in terms of recruitment processes, it is our intention to follow the Higgs guidance.’

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