Pendragon shareholders vote against the car dealership’s pay policy

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Two-thirds of Pendragon shareholders voted against the car dealership’s government pay policy

Voted down: 65.51% of Pendragon buyers rejected its remuneration report

A bruising AGM season claimed its newest sufferer yesterday as two-thirds of Pendragon shareholders voted against its government pay policy.

In one among the greatest revolts to rock the City this 12 months, 65.51 per cent of buyers in the car dealership rejected its remuneration report. It is the third 12 months in a row the business has confronted a pay revolt.

An additional 35.08 per cent voted to oust chief government Bill Berman. And 39.97 per cent supported ousting Dietmar Exler from the board, the place he sits as a senior unbiased director.

The revolt was sparked by Pendragon’s determination to pay bonuses to bosses regardless of receiving £64million in taxpayer assist via the pandemic.

Shareholder advisory agency Glass Lewis mentioned its rewards for administration have been ‘inappropriate’ given the ‘significant’ assist from the Government – which it has not paid again.

Berman was paid £3.4million in 2021, together with an £825,000 bonus whereas finance boss Mark Willis was paid £1.9million. 

Pendragon mentioned it’s going to seek the advice of with shareholders to know their considerations.

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