Pay policy blow for Lookers as 36 per cent vote against plan

Marion Dakers
MORE than a third of voting investors voted against pay plans at London-listed car dealership Lookers yesterday, making it the latest firm to endure a rebellion.

The firm said 36 per cent of shareholders who voted rejected its remuneration policy, while a further nine per cent abstained on the vote. All other resolutions at the company’s annual meeting passed with at least 97 per cent support.

A string of other firms including Kenmare Resources, Standard Chartered and Barclays have recently endured bruising shareholder protests following new rules that force firms to hold a binding vote on pay policy.

Lookers said in a statement it was pleased that all votes had passed yesterday, but added “we intend to seek feedback from [shareholders] in due course so we are able to understand their position and take account of their views”.