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TODAY'S OTHER NEWS

Foxtons bonus row: pay chief steps down with immediate effect

Foxtons has revealed that the chair of the troubled agency’s remuneration committee has stood down with immediate effect.

This are also unconfirmed reports that a part of the company’s famous corporate headquarters at Chiswick may be available to let - although EAT has not been able to confirm this speculation.

Sheena Mackay, who joined Foxtons’ board in September 2017 and became chair of the remuneration committee, is also the Human Resources director at Smiths Group, a global tech company.

The announcement yesterday evening by Foxtons read: “The Board announces that, due to an increased demand regarding her executive responsibilities at Smiths Group plc, Sheena Mackay has stepped down as Chair of the Remuneration Committee, effective 13 November 2019. The Board further announces that Alan Giles, a non-executive Director and an existing member of the Remuneration Committee, has been appointed Chair of the Remuneration Committee. Sheena Mackay remains a member of the Board and its Committees.”

Foxtons Group also says it has appointed BDO LLP as its new auditor for 2020, replacing Deloitte LLP which has been Foxton's auditor since 2009.

Only 24 hours earlier, as we reported yesterday on Estate Agent Today, Foxtons has announced that it had rewritten its remuneration policy for its senior management following a shareholder revolt at its AGM.

The next effect of the rewriting was to curb bonuses to senior management, following complaints at the company’s annual meeting in May.

Chief executive Nick Budden and chief finance officer Mark Berry were awarded £389,000 in bonuses for 2018, up from £371,000 the previous year; the AGM rebellion came just hours after Foxtons revealed that Berry was in fact quitting “by mutual agreement.”

The rewritten bonus policy, not yet revealed publicly, is known to cover the issue of payment of bonus on personal and strategic objectives despite not achieving the financial targets; the weighting of the bonus to personal and strategic objectives; the selection of some of the personal and strategic objectives and their level of granularity; and what the company calls ”insufficient disclosure of the personal and strategic objectives and their basis of satisfaction.”

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