1:17 pm, May 11, 2012
SHAREHOLDERS in Pendragon have forced the company to scrap a planned new pay structure for the company’s top executives.
The dealer group experienced two-thirds of it shareholders voting against its remuneration report, as reported by The Daily Telegraph.
Its chairman saw 26 per cent of shareholders vote against his re-election, and 14 per cent against the chief executive, Trevor Finn (pictured).
The firm has declared it will cancel its plans to introduce the new pay structure which would have seen executive bonuses rise from 100 per cent to 150 per cent, and Finn’s current salary – which sat at £946k in salary and bonuses – rise to £1.3m if the new pay structure came into force.
The new pay deal was to be introduced despite the dealer group’s share price decreasing by 50 per cent in 2011.
A consultation will now take place between executives and shareholders.
