Has Foxtons been milking the taxpayer?
Apr 15, 2021
Foxtons is facing another shareholder revolt over the bonus being given to its chief executive despite taking £7m in state Covid support. The BBC reports that Foxtons plans to hand CEO Nic Budden a bonus of £389,000.
Graham Norwood, writing in Estate Agent Today reports that Budden's total pay package grew to £1.6m in 2020 compared to £1.25m in the previous year. And the BBC says this year's pay deal includes a long-term share award totalling £569,000 which can be accessed in five years' time.
The row over Budden’s bonus has been building as Foxtons’ unapologetic use of taxpayers’ money has come under scrutiny. Related articles:
BBC News Foxtons faces investor backlash over boss's bonus
MSN.com Foxtons pumps millions into takeovers while retaining taxpayers’ Covid aid
This is Money Foxtons faces backlash over handing boss a £1m bonus after tapping taxpayers for £4.5m furlough cash
Evening Standard Foxtons pumps millions into takeovers while retaining taxpayers’ Covid aid