Barratt Developments - AGM 14 October 2020
Item 1: Annual report and accounts
In light of the Covid-19 adverse impact, the Board cancelled the interim dividend, which was due to be paid on 11 May 2020, the final ordinary and special dividends payable in November 2020.
The UK Competition and Markets Authority opened an enforcement case as part of its ongoing investigation in relation to the sale of leasehold homes.
Item 3: Remuneration report
As a result of the impact of COVID-19 and under management's recommendation, no bonuses will be paid to Executive Directors or the wider workforce for FY19/20, the Executive Directors accepted a 20% reduction in salaries during the period for which its construction sites were closed in April and May.
Item 17: Share buybacks
Covid-19 outbreak offset Barratt Developments' ability to generate cash flows (FCF was negative this year) and the group has suspended dividends. Given the recent events relating to Covid-19, ECGS considers that it is not the right moment to proceed to a new share buyback programme especially when the Company cancelled the dividend distribution.
Barratt Developments is a holding company. Co.'s principal activities comprise acquiring and developing land, planning, designing and constructing residential property developments and selling the homes it builds throughout Britain. These main activities are supported by Co.'s commercial development, urban regeneration, procurement, design and land capabilities. Co. operates in two segments: housebuilding and commercial developments. Co. has three housebuilding brands: Barratt Homes, David Wilson Homes and Barratt London. Commercial developments are delivered by Co.'s Wilson Bowden Developments division.
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