Two-thirds of Pendragon shareholders voted against the car dealership’s executive pay policy
Voted down: 65.51% of Pendragon investors rejected its remuneration report
A bruising AGM season claimed its latest victim yesterday as two-thirds of Pendragon shareholders voted against its executive pay policy.
In one of the biggest revolts to rock the City this year, 65.51 per cent of investors in the car dealership rejected its remuneration report. It is the third year in a row the business has faced a pay revolt.
A further 35.08 per cent voted to oust chief executive Bill Berman. And 39.97 per cent supported ousting Dietmar Exler from the board, where he sits as a senior independent director.
The revolt was sparked by Pendragon’s decision to pay bonuses to bosses despite receiving £64million in taxpayer support through the pandemic.
Shareholder advisory firm Glass Lewis said its rewards for management were ‘inappropriate’ given the ‘significant’ support from the Government – which it has not paid back.
Berman was paid £3.4million in 2021, including an £825,000 bonus while finance boss Mark Willis was paid £1.9million.
Pendragon said it will consult with shareholders to understand their concerns.