They will also take a 30% reduction in base salary and pension for the duration of the government-imposed lockdown.
Last week Taylor Wimpey announced the temporary closure of all show homes, sales centres and construction sites in response to the coronavirus lockdown.
Recognising the financial impact this will have, the company leadership has agreed to share the load. The 2% annual salary increase for directors due to come into effect on 1st April 2020 has been cancelled and the executive incentive scheme (annual bonus) has been cancelled for 2020.
If the lockdown continues beyond the end of June 2020, the remuneration committee will review the 30% base salary reduction.
“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,” the board said.
However, there are no changes yet to the remuneration policy which has been submitted to shareholders for approval at the company's annual general meeting planned for 23rd April 2020.
Other publicly quoted building firms have also been announcing coranovirus-induced pay cuts, including Costain, whose board and senior leadership team have agreed a 30% reduction for up to three months, and Kier, which is imposing across-the-board pay cuts of up to 25% for all 6,500 employees for the three months April-June 2020.