Following this morning’s news that Jeff Fairburn, Persimmon’s CEO, is to step down, Ashley Hamilton Claxton, head of responsible investment at Royal London Asset Management, commented;
“As the departing CEO himself acknowledged, executive pay has cast a long shadow over Persimmon’s strong performance for shareholders. This saga is a clear example of how a poorly thought out remuneration decision, in this case made six years ago, can have serious consequences for a company and its shareholders.
“While today’s news is totally understandable, we are sorry to see changes to what we believe have been one of the best management teams in the industry, but we remain confident about the health of this business.”
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About Royal London Asset Management (RLAM)
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £117 billion of assets and employs 89 investment professionals. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
For professional clients only, not suitable for retail investors.
Issued November 2018 by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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