Shareholders protest over Lookers-board pay policy
05 June 2019
Lookers chief executive Andy Bruce faced a shareholders’ revolt this week with nearly one third voting against the group’s remuneration policy at its AGM. The backlash came partly in protest against his salary being raised from £368,000 to £450,000. Almost one fifth also voted against reappointing the auditor, Deloitte.
Expressing disappointment at the vote, Lookers said: “The board believed that it was necessary to increase the CEO’s base salary to ensure that remuneration remains competitive relative to the market. Notwithstanding this, the remuneration committee notes the concerns raised by shareholders and will reflect on the feedback when it puts a new policy to shareholders at the 2020 AGM.”
This week also saw analysts downgrade profit forecasts and now say they expect 2019 pre-tax profits to come in £3m lower versus the consensus forecast of £62-63 million despite Lookers releasing a positive Q1 trading update on Friday.