Pendragon faces AGM pay showdown
08 June 2022
Pendragon faces its third successive shareholder revolt over executive pay at its AGM on 21 June. Shareholder advisory group Glass Lewis says management rewards are “inappropriate” and is recommending investors reject Pendragon’s pay report.
It also advised opposing the re-election of non-exec Mike Wright, who chairs the renumeration committee – but this was pre-empted when Mr Wright stepped down last week.
Hedin Group also last week upped its stake in Pendragon, from 26% to 27%. A £400m (28p a share) takeover offer from Hedin was rejected in March. Hedin has described Pendragon’s approach to payments and not reimbursing furlough as “out of tune”.
Pendragon founder Trevor Finn joined Hedin’s board in 2021.
Tags:
Why Subscribe?
As an auto retail executive you need insightful and unique industry intelligence to boost your business potential. Here’s a taste of what Auto Retail Network has to offer:
- Get informed and boost your business potential
- More than 1,200 fellow executives have joined us since launch
- Independent, carefully crafted, unique content relevant to you and your business
- Develop a greater awareness of market trends and opportunities
- Access to a wide range of materials whenever, wherever and however you want it
- Significant discounts on ARN events, reports and other publications
