Churches slam huge bonuses for Persimmon housing bosses

Churches have hit out at the scale of a huge bonus scheme at a major housebuilding firm.

The Church of England and the Methodist Church, which both have shares in Persimmon, have told the Mail on Sunday of their dismay at the scheme, which sees the firm's boss Jeff Fairburn's bonus currently worth £115 million based on the company's share price.

Jeff FaIrburn

Fairburn's take has been branded 'obscene' by campaigners.

According to This Is Money, 140 senior Persimmon managers will share in a windfall of up to £800 million. It is one of the most lucrative pay deals in UK corporate history.

The CofE voted against the bonus scheme at last year's shareholder meeting, as did the Methodist Church.

In a statement, the CofE said: 'Our review of Persimmon's corporate governance was very stringent and last year we felt we had to withdraw our support due to Stephen Beer, chief investment officer of the Central Finance Board of the Methodist Church, told the Mail on Sunday: 'We don't like excessive pay policies and that's something we're determined to take a strong line on.'

He said the CFB would be looking closely at the situation before deciding how to vote at the next AGM.