Shaftesbury execs take 20% pay cut amid Covid-19

West End landlord Shaftesbury said on Tuesday that its board has agreed a 20% reduction to both executive director base salaries and pension contributions and non-executive director fees amid the Covid-19 pandemic.

The waivers, which will be in place for three months, took effect on 1 April. Shaftesbury said all employees below board level continue to receive their full salaries and benefits and none have been furloughed.

The company also announced that it has set up a community fund with the money saved on board remuneration, which will be made available to its local community partners to address immediate needs arising from the current situation, and funding for initiatives as government restrictions begin to be lifted.

Chairman Jonathan Nicholls said: "The Covid-19 pandemic is presenting unprecedented challenges to patterns of life and activity, and the board's waiver of remuneration will provide additional funding to support our community partners and their important work during the current crisis."