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Property developer boss slammed for 300% bonus – papers

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  • 24/08/2011
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Property developer boss slammed for 300% bonus – papers
Chairman of property development firm Berkeley Group, Tony Pidgley, has been criticised by influential investors Pensions & Investment Research Consultants (PIRC) for his “excessive” 300% bonus.

Pidgley received a total package of £3.16m for the year to April 2011, including the bonus, despite the company overhauling its remuneration policy following bumper payouts in 2010 on the back of a special performance scheme.

This saw Pidgley become the second highest paid director in Britain with a salary of £36.4m, the Telegraph reports.

PIRC has called on shareholders to vote against the new remuneration policy.

New homes slump worsens after dismal Q1

Planning applications for new homes will show another fall in Q2, following a 15% drop in approvals in England in the first quarter of this year to just 34,000.

Whitehall sources told the Financial Times that figures due later this week will confirm the slump in the house building industry continues.

The news comes as the debate heats up over the draft national planning policy framework published last month, which the National Trust said is heavily loaded in favour of speculative development in unprotected countryside.

Rogue email reveals RBS contract staff paid £2,000 a day

A confidential email accidently sent out by recruitment consultant Hays has revealed RBS temporary contract staff are paid up to £2,000 a day.

The email, mistakenly sent to 800 RBS staff, contained details of around 3,000 contractors’ names and billing rates, apparently showing pay packets equivalent to £500,000 a year, the Daily Mail reports.

RBS, 83% owned by the taxpayer, has made 28,000 staff redundant since the start of the financial crisis.

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