Top bosses at Taylor Wimpey will not get their added rewards this year after the company closed all of its construction sites.
The housebuilder said that annual bonuses will be scrapped and the board will take a 30% pay cut, as it tries to deal with the fallout from the coronavirus crisis.
The company also plans to cancel a 2% annual salary increase for its executive directors which was set to come into force on April 1.
“The objective of these changes is to conserve cash, with a particular focus on protecting the long-term financial security of the business as a whole, for the benefit of all of the company’s stakeholders,” Taylor Wimpey said in a statement to shareholders on Wednesday morning.
The housebuilder last month shut all its construction sites, show homes and sales centres. It was later joined by fellow builders Bellway, Persimmon and Barratt Developments.
It comes as businesses up and down the UK try to conserve cash in every way they can to allow them to weather the economic crisis caused by the coronavirus.
On Tuesday evening, the UK’s biggest banks said they were scrapping dividend payouts and share buybacks after a request from the Bank of England.
Estate agent Savills joined those companies withdrawing their dividends as it cancelled the 27.05p per share that investors were expecting, and delayed its annual shareholder meeting.
It said: “In response to the Government’s public health instructions and stay at home measures in respect of the evolving situation regarding the Covid-19 pandemic, the board has taken a decision to defer the holding of the company’s 2020 Annual General Meeting (AGM) from 6 May 2020 to 25 June 2020.”