The housebuilder Persimmon paid its chief executive, Jeff Fairburn, and two other executives a combined £104m last year.
The news follows a political and shareholder backlash against pay at the top of the FTSE 100 company, which prompted it to slash bonus payouts to the three executives by more than £50m in February.
However, the first tranche of the bonus payouts was unaffected by the reduction. This meant Fairburn received a total pay and shares packet of £47.1m in 2017, up from £2.1m the year before, Persimmon’s annual report showed.
Dave Jenkinson, the managing director, was paid £20.4m, up from £1.4m in 2016, while Mike Killoran, the finance director, got £36.7m, also up from £1.4m. Further bonus payouts are due this summer.
Each of them received big payouts under Persimmon’s long-term incentive plan (LTIP), but their annual salaries and fees, benefits, cash bonuses and pension benefits also went up.
Fairburn saw his annual salary and fees rise to £675,270 from £647,747 last year. His benefits rose to £42,800, his annual bonus hit £1.29m and the value of his pension benefits and salary supplement reached £162,065. His bonus payout under the long-term share scheme was £44.9m.
Jenkinson’s LTIP payout amounted to £18.9m on top of a salary of £511,625 and an annual bonus of £739,437.
Killoran received an LTIP payout of £35.2m on top of his £511,775 salary, a cash bonus of £734,807, benefits and pension benefits. There were no LTIP payouts in 2016.
The three executives are due to receive more bumper payouts this summer. Fairburn was originally in line for a total £110m payout under the LTIP scheme, which is believed to be Britain’s most generous bonus payout.
The company partially backed down last month. It said Fairburn and Killoran had decided to waive half of the second instalment of their bonuses and extend the length of time they are required to hold the shares to 2021. This means Fairburn could get about £32m in the summer while Killoran and Jenkinson, who also took a cut to his bonus, are in line for £19m.
All three will have future payouts under the scheme capped at £29 a share, compared with £25.51 now.
Persimmon came under intense pressure from politicians and investors for planning the record-breaking bonus payouts after the housebuilder benefitted from the taxpayer-backed help-to-buy scheme, which has boosted profits and its share price. Some shareholders indicated they would oppose the re-election of some directors at Persimmon’s annual meeting on 25 April.
Fairburn said last month he decided some time ago to give some of his bonus away, but he wanted to keep the decision private. Persimmon’s chairman and the head of its remuneration committee resigned last year after admitting that the bonus scheme was poorly designed because it had not been capped. Last week the firm appointed Roger Devlin as chairman from 1 June. He has also been named chairman of William Hill.