Pendragon, which trades under brands including Stratstone, took £52 million of taxpayer support and axed 1,800 staff during the pandemicPendragon’s war with its shareholders has continued into a second year after more than two fifths of votes at its annual meeting cast against the executive bonus bonanza during the Covid-19 crisis and investors indicating the director in charge of remuneration policy should stand down. However, the car retailer appeared to indicate that it would once again ignore investor anger. SponsoredLeading investors including Anders Hedin, a 13 per cent shareholder, and the City institution Legal & General had ruled the company’s payment of a £413,000 bonus to Bill Berman, chairman and chief executive, taking his pay package to £923,000, was out of order. Both shareholders said the payout came in a year in which Berman had axed 1,800 workers and taken £52 million of taxpayer

Source: The Times May 19, 2021 16:01 UTC