Land Securities proposes to clawback executive pay structure

Land Securities has proposed to withdraw its discretionary and additional bonuses after a full review of its executive remuneration policy.

The commercial property group, which announced the proposals in its 2012 annual report, undertook the review with independent advisers New Bridge Street.

The firm’s current policy for discretionary bonuses is up to 50% of basic salary, while the additional bonus is up to 200% of basic salary for out-performance of the relevant benchmark of between 2-4%.

The proposals are subject to shareholders approval at Land Securities' annual general meeting on 19 July.