Vertu shareholders rebel over pay
28 July 2019
Shareholders used Vertu’s AGM votes last week to fire a warning shot over the board’s pay packets and long term incentive plan.
While all resolutions were passed at Vertu Motors’ AGM on Wednesday, a subset of shareholders holding 20.66% of voting went against the remuneration report and a 24.35% of the voting went against an amendment to the long term incentive plan.
In a statement Vertu Motors said: “The Company proposes to seek feedback from shareholders who voted against resolutions 10 and 15 [remuneration and LTIP] to enable it to consider if there is any action that is appropriate for it to take.”
The Vertu AGM also saw a 17.4% vote against the re-election of non-exec director Ken Lever, a 15.7% vote against the re-election of outgoing chairman Peter Jones and a 15.4% vote against the election of incoming chairman Andy Goss.