To be clear, no cash bonuses were awarded to KMP for FY20. Rather, the Lendlease Board elected awarded these executives a total of $1.66m in Lendlease securities. In order to better align the interests of executives and investors, these securities won’t become available to executives for up to two years.

The media incorrectly reported the value of FY20 bonuses as $10.03m rather than $1.66m. This former number is the accounting value of all outstanding awards potentially available to executives made from as far back as September 2015. Given Lendlease reported a statutory loss of $310m, the likelihood of achieving the performance measures associated with these awards in the future has been significantly impacted.

In what has been an unprecedented year, Lendlease took additional measures during the period to sustain the business, including materially reducing levels of executive remuneration. In April 2020, we announced overhead and employee cost reduction initiatives across the business, including a temporary 20% reduction in fixed remuneration of senior executives. Some of those funds were used to seed an employee hardship and wellbeing fund.

The pay the Group CEO received in FY20 was 45 per cent lower than the previous year.