14th Apr 2020 10:59
(Alliance News) - Shaftesbury PLC said Tuesday it will reduce base salaries and pension contributions for executive directors by 20%, with the same size cut to fees for non-executive directors.
The waivers will take effect for a three-month period with effect from April 1, while all employees below board level at the London West End-focused real estate investment trust will receive full salaries, and none will be furloughed.
In addition, Shaftesbury has set up a community fund, equal to the cost savings from the board remuneration waivers, which will be provided to local community partners to address needs arising from the Covid-19 pandemic. The fund will provide GBP144,000 in support.
"Our commitment to our local community is long-established and integral to our values. The Covid-19 pandemic is presenting unprecedented challenges to patterns of life and activity, and the board's waiver of remuneration will provide additional funding to support our community partners and their important work during the current crisis," said Chair Jonathan Nicholls.
Shares in Shaftesbury were down 4.2% at 657.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
SHB.L