StockMarketWire.com - Home builder Taylor Wimpey said it had cancelled a planned 2% salary increase for executive directors as it seeks to conserve cash during the Covid-19 crisis.

Annual bonuses for executives had also been cancelled, with there to be no incentive payments for 2020.

Executive directors would also incur a voluntary 30% reduction in base salary and pension for the duration of UK government's lockdown period.

'The decision to take a reduction in base salary is supported by the whole board and therefore the non-executive directors will also take a 30% reduction in their fees for the same period of time,' the company said.

'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.'




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