The firm's chairman and the head of its pay committee quit last year after they failed to curb the scheme which was criticised by some British media.

"I recognise and profoundly regret that Persimmon's strong performance over the last few years is being eclipsed by the controversy surrounding the 2012 LTIP (long-term incentive plan)award," Chief Executive Jeff Fairburn said on Wednesday.

"I am setting up a private Charitable Trust which I plan to use to benefit wider society over a sustained period of time by supporting, in a very meaningful way, my chosen charities."

(Reporting by Costas Pitas; Editing by Alistair Smout)