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Taylor Wimpey To Cut Executive Directors' Pay Due To COVID-19 - Quick Facts

Residential developer Taylor Wimpey PLC (TW.L) Wednesday announced a pay cut to Executive Directors to conserve cash due to the coronavirus or Covid-19 crisis.

For the Executive Directors, the 2% annual salary increase due to come into effect on April 1, 2020 has been canceled. Further, the Executive Incentive Scheme, i.e., annual bonus, has been canceled and there will be no cash bonus payable in respect of the company's performance in 2020.

The company also announced a voluntary 30% reduction in base salary and pension for the duration of the Government-imposed lockdown. If the lockdown continues beyond June 30, the Remuneration Committee will review this particular matter again at that time.

The Non-Executive Directors will also take a 30% reduction in their fees for the same period of time.

The company said its Remuneration Committee has carefully considered the proposed application of the Remuneration Policy in 2020.

The company has already closed all show homes, sales centres and construction sites temporarily.

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