Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Pidgley re-elected as Berkeley chairman

Berkeley Group executive chairman Tony Pidgley has survived a predicted shareholder revolt to be re-elected following the housebuilder’s AGM yesterday.

Angry shareholders were expected to oppose Mr Pidgley’s re-election as an executive director but 95.8 per cent of the votes cast were in favour.

According to reports in The Times yesterday, corporate governance body PIRC said that equity awards on offer at the house builder were “highly excessive”.

It also recommended that shareholders oppose the re-election of Tony Pidgley, the former chief executive, who was elevated in June to executive chairman.

Guidelines on boardroom best practice dictate that a former chief executive should not take the chairman’s job, unless the move can be adequately justified to investors.

“The company has not provided sufficient justification or explained in great detail any safeguards that it has put in place,” the lobby group said.

An interim statement yesterday revealed Berkeley’s home bookings in the first four months of its fiscal year were more than £600 million as the housing crash showed signs of easing.

The company had net cash in excess of £300 million and Berkeley said it has started buying sites with the cash, including Johnson House in London’s Belgravia district.