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Charles Roberts

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Comments (1)

  • Comment on: Persimmon: Lessons from jilted Jeff

    Charles Roberts's comment 12 November, 2018 6:05 pm

    Persimmon's profits - upon which Jeff Fairburn's bonus was based - were massively inflated by the Government's Help to Buy scheme, which was introduced a short time after the Persimmon board fixed his profit targets.
    It is said that they are able to charge more than 10% extra for the new builds compared to the market rate when Help to Buy is available.
    It is absolutely not cynical to say they and Mr Fairburn have benefited from this and it might have been better if the Government had introduced an excess profits tax in this situation.
    Also perhaps the Persimmon board (and other house builders too) need to ensure that a condition is included in profit based executive incentive schemes where there is a methodology to re-calculate the bonus when the excess profit is as a result of a windfall due to changes of legislation and similar factors.