Britain’s second biggest housebuilder has pledged to double its cash return to shareholders amid criticism of “grossly excessive” bonuses to bosses. Persimmon said that it would increase its annual payments to shareholders from 110p to 235p. The changes to a scheme first introduced in 2012 will mean an estimated return to shareholders of about £13 per share over the ten years to 2021, or £4.1 billion, up from an original plan for 620p. Investors cheered the dividend rise, which was announced alongside record annual results, with shares in Persimmon rising by 4.7 per cent to £26.04. The York-based housebuilder, which built more than 16,000 homes last year, has come under fire from politicians and some investors over bonuses that management are in line for under…

Source: The Times February 27, 2018 17:03 UTC