Biggest shareholder in car dealership Pendragon joins revolt over bosses’ £3.4million pay ‘inappropriate’

Biggest shareholder in car dealership Pendragon joins revolt over bosses’ £3.4million pay ‘inappropriate’

  • Hedin Group, which has a 27% stake in the car dealership, plans to vote against the pay report at next month’s AGM
  • The move follows a report by shareholder advisory firm Glass Lewis that recommended shareholders oppose executive rewards.
  • Anders Hedin, owner of the Hedin Group, has joined the revolt after saying the £3.4million paid to Pendragon boss William Berman last year was ‘excessive’.

UK car retailer Pendragon reported record annual profit on strong demand for used vehicles

Pendragon’s largest shareholder has joined a revolt against bosses’ pay. Hedin Group, which has a 27% stake in the car dealership, plans to vote against the pay report at the AGM next month.

The move follows a report by shareholder advisory firm Glass Lewis which recommended shareholders oppose executive awards, saying the sums were “inappropriate” given that Pendragon had sought large amounts of support from the government during the Covid-19 pandemic that it has yet to repay.

Anders Hedin, owner of the Hedin Group, joined the revolt after saying the £3.4million paid to Pendragon boss William Berman last year was ‘both excessive and unjustified’. Other executives, including chief financial officer Mark Willis and chief operating officer Martin Casha, also received significant salaries.

Hedin would also oppose the reappointment of Mike Wright, chairman of Pendragon’s compensation committee. At last year’s AGM, 42% of Pendragon shareholders voted against its pay policy – a rebellion also backed by Hedin.

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