Pendragon shareholder revolt
05 July 2023
Pendragon shareholders have voted to reject the firm’s annual report on directors’ renumeration. Only 43.5% voted in favour at last Friday’s AGM.
“The board recognises the significant vote against,” said Pendragon.” Although the Renumeration Committee is satisfied its decisions were made in the best interests of all stakeholders, it respects the views expressed by shareholders regarding the resolution in respect of renumeration awarded in 2022.”
In other notable votes, only 58.1% voted to re-elect Bill Berman as CEO, 59.8% voted to re-elect COO Martin Casha and 57.7% voted to re-elect senior independent director Dietmar Exler.
“The company will continue to consult with shareholders to fully understand their concerns in relation to the number of votes recorded not in favour… an update will be provided within six months as required by the UK Corporate Governance Code.”
97.7% voted in favour of re-electing non-executive directors Nikki Flanders and Brian Small, while CFO Mark Willis saw 98% vote in favour.
Last week, it was announced non-executive chair Ian Filby is to step down. Just 54.8% of shareholders voted in favour of his re-election.
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