// Intu plans to increase CEO & CFO bonuses
// Intu told shareholders it wants to increase the potential share awards in its long-term incentive plan to 250% of salary, up from 200%
Intu plans to boost the potential bonuses of chief executive Matthew Roberts and chief financial officer Robert Allen, despite falling share prices, rental income and asset values.
The shopping centre giant cut share-based rewards for its chief executive and chief financial officer positions in 2019, but is now talking to shareholders about reversing those changes, the Sunday Times reported.
Roberts’ salary has not yet been announced, but it is reportedly set to be around £615,000, the amount received by his predecessor David Fischel.
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Intu has told shareholders it wants to increase the potential share awards in its long-term incentive plan to 250 per cent of salary, up from 200 per cent.
The discussions are part of wider negotiations over pay.
Meanwhile, Roberts is reportedly willing to reduce the pension contribution he receives from 24 per cent of his pay packet to 10 per cent.
Roberts and Allen have also agreed to cap individual payouts under the PSP scheme to five times their salaries.
Intu said it was “engaging with all shareholders”, and that “executive remuneration is set by our remuneration committee”.
Last week, Intu’s shares dropped after a major Hong Kong-based retail property investor pulled out of talks over an emergency cash call.
Shares in the shopping centre owner fell by 27.1 per cent after Link Real Estate Investment Trust pulled out, a day after confirming discussions.