Hammerson’s executive and non-executive directors are set to cancel their salary and fee increases, in light of the coronavirus pandemic’s impact on the market.
The company had initially decided in February this year to increase the base salaries of its executive directors by around 2%, as outlined in its 2019 annual report. The increases would have taken effect on 1 April.
This would have meant Hammerson chief executive David Atkins’ base pay would have risen by around 2.5% to £672,000 for 2020, while chief financial officer James Lenton would have increased his base salary to £439,000.
The company plans to hold its AGM on 28 April 2020 electronically, during which it will seek shareholder approval to introduce a restricted share scheme to replace its long-term incentive plan, with the initial grant over shares worth 75% of salary.
See also: Hammerson boss David Atkins pockets pay rise
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