AGM alert: NatWest, Taylor Wimpey, Persimmon

The £6.6 million annual remuneration of NatWest Group (LSE:NWG) boss Paul Thwaite is likely to be among the areas of scrutiny when the lender hosts a virtual shareholder event prior to its AGM.

The total, which is up from the previous year’s £4.9 million, included an annual bonus worth £1.5 million and £2.5 million from the vesting of long-term restricted share plan awards. It follows a strong year for NatWest, which generated a total shareholder return of 71%.

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The virtual event on Monday 21 April will give shareholders the opportunity to quiz Thwaite and chair Rick Haythornthwaite prior to voting on the business of the AGM later in the month.

Taylor Wimpey (LSE:TW.) shareholders, meanwhile, are being asked to approve the first increase in bonus and the long-term incentive opportunities since the company was formed through 2007’s merger of Taylor Woodrow and George Wimpey. 

The company said opportunities for its top two directors, including boss Jennie Daly, have slipped significantly behind a mid-market level for the sector and the FTSE more generally. 

It adds that the chief executive and finance director have “performed exceptionally well” in recent years and are both well-established within their roles. The AGM takes place on 28 April.

NatWest

When: 11am, Tuesday 28 April. 

Where: Gogarburn, Edinburgh, EH12 1HQ.

How to participate: A virtual shareholder event is due to be held at 6pm, Tuesday 21 April, which will give shareholders the opportunity to engage with the chair and chief executive prior to voting on the business of the AGM. The deadline for voting instructions is Friday 24 April. If watching the AGM online, shareholders won’t be able to ask questions or vote during the meeting. Further AGM details can be found here.

Who’s in the chair? Rick Haythornthwaite hosted his first AGM as NatWest chair in 2024. He is the ex-chief executive of Invensys and former Ocado chairman.

How did the company do in 2025? Total income rose £13.2% to £16.6 billion, with the net interest margin up by 21 basis points to 2.34%. Attributable profit was £5.5 billion while earnings per share of 68p rose 27%. The key metric of Return on Tangible Equity (RoTE) was 19.2%, comfortably ahead of guidance and much better than 17.5% of the year before. NatWest returned £4.1 billion to shareholders in 2025, including through a final dividend of £1.8 billion or 23p a share that’s due for payment on 5 May. The total rose by 51% to 32.5p a share.

What’s happening with share buybacks? Alongside the acquisition of wealth management firm Evelyn Partners for an enterprise value of £2.7 billion, NatWest said it would buy back £750 million of shares. The next announcement on buybacks will be at next year’s half-year results.

How have shares performed? Up 62.1% at 651.8p (535p on Thursday). A total shareholder return of 71%, which includes dividends, followed 95.6% in 2024 and 49.7% in 2023.

How much is the boss paid? Paul Thwaite’s total remuneration for 2025 amounted to £6.57 million, up from £4.93 million the year before. This included fixed pay of £2.47 million, which comprised base salary and an equivalent share allowance paid quarterly. An annual bonus of £1.5 million was based on 85% of the maximum opportunity, while the vesting of long-term restricted share plan awards granted in 2023 contributed £2.5 million to the total. Thwaite’s base salary for 2026 is set to increase in April by 3.25% to £1.22 million.

How was variable pay determined? Targets for return on tangible equity, attributable profit and group operating expenses were used as the financial metrics for the annual bonus, with an outcome of 53.65% out of 60%. The remaining 40% was driven by performance targets on customer service, staff progress and business simplification.

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How did last year’s AGM go? The binding vote on the new three-year remuneration policy got 97.86% support. Proposals included a switch to a performance-linked long-term incentive scheme capped at 300% of salary and an increase in the annual bonus opportunity to 150% of salary. The first grant under the newly approved performance share plan was made this month, with vesting across a four-year period. The advisory vote on the annual remuneration report was backed at the 2025 AGM with 97.02% support.

Are more changes planned? NatWest is open to the possibility of returning to shareholders for a revised policy at the 2027 AGM. This would be a year earlier than the normal triennial policy cycle, in order to ensure management is appropriately compensated. The company continues to use a fixed share allowance, whereas UK banking peers have changed the balance of their packages in response to last year’s bonus cap removal. 

What about other staff? A 2025 bonus pool of £495 million is 10.8% higher than in 2023, reflecting the increase in profit since 2024 and the strong performance across the bonus scorecard, particularly in relation to financial and customer targets.

How’s the company doing on diversity? The gender split of the board is 55% female, including the roles of chief financial officer and senior independent director. Two board directors are from a minority ethnic background.

Taylor Wimpey

When: 10.30am, Tuesday 28 April.

Where: Crowne Plaza Gerrards Cross, Oxford Road, Beaconsfield, HP9 2XE.

How to participate: Questions in advance of the AGM should be submitted by 10.30am, Friday 24 April, the same deadline as for proxy voting instructions. The board will endeavour to answer pre-registered questions during the AGM, with answers also available on the company’s website as soon as practicable after the meeting. More AGM details can be found here.

Who’s in the chair? Former Land Securities chief executive Rob Noel has held the role since April 2023, having joined the board in 2019.

How did the company do in 2025? UK home completions excluding joint ventures were in the middle of the company’s guidance range at 10,614, up 6%. Revenues increased 13% to £3.84 billion, aided by average selling prices and land sales. Adjusted operating profit of £420.6 million was 1.1% higher, with a margin of 10.9% down from 12.2% the year before. Adjusted earnings per share fell 4.8% to 8p, while one-off items meant pre-tax profits dropped 54% to £146.5 million. A final dividend of 2.95p worth a total of £105 million is due to be paid on 15 May, resulting in a 19.5% fall in the total for the year to 7.62p. 

How have shares performed? Down 4% at 107.5p (88.1p on Thursday).

How much is the boss paid? Jennie Daly received a total of £2.7 million in relation to 2025, which compared with £2.85 million the year before. The annual bonus scheme paid 53% of the maximum opportunity, which generated £676,000 in cash and deferred shares. The 70% vesting of long-term incentives granted in 2023 contributed £1.1 million. Daly’s base salary is due to rise on Wednesday to £875,500, having received the company-wide increase of 3%.

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How was variable pay determined? The annual bonus outturn was based on the minimum thresholds for operating profit and margin, alongside an on-target performance for cash conversion and the stretch target for build quality and customer service. Three-year total shareholder return of 33.4%, which compared to the average in the sector of 14.8%, resulted in a full payout under this part of the long-term incentive scheme. The company returned £1 billion over the three years, reflecting its annual distribution policy worth 7.5% of net assets or at least £250 million through the cycle. Customer service and carbon reduction measures vested in full but the metrics for profit margin and return on net operating assets did not meet the threshold.

How did last year’s AGM go? The annual remuneration report was approved with 73.90% of votes in favour. As this fell below the 80% threshold, the company engaged with shareholders in order to understand their concerns. 

Why were some shareholders unhappy? They said targets in the 2024 annual bonus scheme could have been more stretching and discretion applied to reduce the payout of £1.12 million, which was based on 94% of the maximum opportunity. Going forward, the remuneration committee has said it will continue to ensure targets are robust and appropriately stretching, while remaining motivational for management

What’s in the new remuneration policy? The company is planning to increase the maximum opportunities under the annual bonus scheme from 150% to 200% of salary and lift the long-term incentive award from 200% to 250%. There are no changes to performance measures or weightings for 2026. The policy, which was last approved at the 2023 AGM with 92% of votes in favour, has the potential to generate up to £4.9 million for Daly in relation to 2026 performance. This rises to £6 million in the event of 50% share price growth. 

What’s the company say about the changes? It points out that the bonus and the long-term incentives have been the same since 2007, when Taylor Wimpey was formed through the merger of Taylor Woodrow and George Wimpey. It said opportunities have now slipped significantly behind a mid-market level for the sector and the FTSE more generally. It adds that the chief executive and finance director have “performed exceptionally well” in recent years and are both well-established within their roles.

How’s the company doing on diversity? The gender split of the board at the end of 2025 was 44% female, unchanged from the previous year and including one senior role. One director is from an ethnic minority background.

Persimmon

When: 11am, Thursday 30 April.

Where: York Racecourse, Knavesmire Road, York, YO23 1EX.

How to participate: Proxy voting instructions should be returned no later than 11am, Tuesday 28 April. More AGM details can be found here.

Who’s in the chair? Former William Hill and Marston’s chairman Roger Devlin, who was appointed in June 2018.

How will the company pay tribute to its founder? The meeting is the first since October’s passing of Duncan Davidson, who founded Persimmon (LSE:PSN) in 1972 and turned the small regional builder into one of the nation’s leading housebuilding companies. He retired as executive chairman in 2006. Persimmon has set up the Duncan Davidson Apprenticeship Programme, which will provide financial support to enable young people who might otherwise be unable to do so to access a career in housebuilding.

How did the company do in 2025? New home completions rose 12% to 11,905, with a 4% increase in average selling price to £278,203. New housing revenues rose 16% to £3.31 billion while an operating margin of 14.3% improved from 14.1% in 2024. Underlying profit lifted 13% to £445.6 million. A final dividend of 40p a share is due to be paid on 10 July, resulting in an unchanged total for the year of 60p a share.

How have shares performed? Up 13% at 1,358.5p (1,118p on Thursday).

How much is the boss paid? Dean Finch received a total of £3.1 million in relation to 2025, up from £2.5 million the year before. The figure included cash and deferred shares worth £1.2 million after the annual bonus scheme paid 75% of the maximum opportunity and £944,633 from the 61.6% vesting of long-term incentive shares. Finch’s base salary of £832,000 is set for review in July, having been the subject of a 3% increase last summer.

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How was variable pay determined? The annual bonus scorecard was 40% weighted on pre-tax profit, with the other metrics being cash generation, customer care, build quality and health and safety. Long-term incentives were 70% assessed against relative total shareholder return and pre-land cash generation, with vesting outcomes of 19.2% and 12.4% respectively out of 35%. Customer care and environmental measures vested in full.

What’s in the new remuneration policy? Persimmon said there was strong consensus amongst stakeholders for maintaining the current structure, which was approved at the 2023 AGM with 98.7% of votes in favour. It intends to retain the framework of the current policy, with the maximum bonus potential for the chief executive set to remain at 200% of salary alongside the grant of long-term incentive shares equivalent to 200% of salary. His maximum opportunity in relation to 2026 trading is £4.3 million, or £5.1 million with 50% share price appreciation.

How did last year’s AGM go? The annual remuneration report was approved with 98.19% of votes in favour. 

How’s the company doing on diversity? The gender split of the board is 44% female, including in a senior role. One director is from an ethnic minority background.