Hammerson executives turn backs on increases

DURBAN – Hammerson plc said yesterday that its executives and directors have decided to forgo their salary and fee increases for the year 2020 on prevailing market conditions.

The decision comes after the group’s remuneration committee in February proposed a 2percent hike in base salary, approximately, for executive directors and other senior executives, as well a 2.5percent increase in salaries across its operations.

Hammerson said that factors influencing the increases included a low inflationary environment and the continued focus on cost control.

The hikes were going to take effect from the beginning of next month.

“The executive and non-executive directors have asked that their salary and fee increases, set out in the directors remuneration report and due to take effect on April 1, be cancelled,” the group said.