VISTRY Group refused to be bowed by shareholder pressure over the doubling of its chief executive's salary and bonus package.

Greg Fitzgerald, chief of the London-listed developer, could see his total remuneration package rise from £2.5m to £5.6m.

Under a new policy, Fitzgerald's base salary is increasing by 10 per cent to £800k and his annual bonus of 150 per cent is rising to 300 per cent.

A slim majority gave the package a green light at the company's extraordinary general meeting last summer but 45 per cent of shareholders voted against the move.

Fitzgerald's pay rise was announced amid a torrid time for housebuilders, as high mortgage rates and a strain on the economy lowered demand for new residential properties.

(c) 2024 City A.M., source Newspaper