British car distributor Pendragon has reported record annual earnings led by strong demand for used vehicles
Pendragon’s biggest shareholder has joined a revolt against bosses’ pay. 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 which recommended shareholders oppose the rewards doled out to executives, claiming the sums were ‘inappropriate’ given Pendragon had claimed large amounts of support from the Government during the Covid-19 pandemic which it has yet to repay.
Anders Hedin, owner of Hedin Group, joined the revolt after saying the £3.4m paid to Pendragon boss William Berman last year was ‘both excessive and unwarranted.’ Other executives including finance chief Mark Willis and chief operating officer Martin Casha have also been handed sizeable pay packets.
Hedin would also be opposing the reappointment of Mike Wright, chairman of Pendragon’s pay committee. At last year’s AGM, 42pc of Pendragon shareholders voted against its pay policy – a rebellion that was also backed by Hedin.
