Tuesday, March 25, 2008
Pendragon abandons bonus scheme
Pendragon, the UK’s largest car dealer group, has ditched controversial plans to introduce a one-off bonus scheme after meeting with shareholder opposition.
Investors objected to a scheme under which the management stood to benefit if the share price recovered to the levels of 12 months ago.
According to the Financial Times, the plan for The scheme was designed so that 100 executives would reap 10 per cent of additional shareholder returns - dividends plus share price appreciation - above a threshold of 110p.
DATED: 25.03.08
FEED: MT
