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Pendragon has vowed to formulate new remuneration policy after its shareholders voted 65.5% against its plan to hand over multi-million bonuses to its leadership team.
A total of 65.51% voted against approving the annual report on directors’ remuneration for 2021 at Pendragon’s AGM on Tuesday.
Pendragon remuneration committee chair Mike Wright has left the car retail PLC after it emerged that the business looked set to face a third successive AGM shareholder revolt over its leadership bonuses.
Pendragon’s leadership team could be set to face another shareholder revolt over “inappropriate” financial bonuses – a year after their last showdown with investors.
Hedin Group, which owns a 27pc stake in the car dealership, is planning to vote against the pay report at the AGM next month. The move followed a report from shareholder advisory firm Glass Lewis.