Homebuilder Persimmon Plc's board of directors amended its 2012 long-term incentive plan to reduce entitlements for CEO Jeff Fairburn, CFO Mike Killoran and Group Managing Director Dave Jenkinson.
The company slashed bonus payments by £51 million for the three executives, including a £25 million cut for Fairburn, The Guardian noted.
The shareholder-backed 2012 plan called for rewards to vest in two tranches for the 133 participants under the scheme.
The alterations to the bonus plan reduce the scale of payments to be made to the executives and extends the holding period under any second tranche. In addition, prospective payouts for the three executives have been capped at £29 per share.
The company said the incentive plan was beneficial since it drove performance but acknowledged that the lack of a cap in the original terms of the scheme was a flaw.