Aston Martin is on the wrong side of the news after facing a revolt from investors. The outfit has reportedly accessed £13 million in emergency funds to survive the pandemic and handed out bonuses to its chief executive.
Various shareholders are being told to vote against the car maker’s pay plans during its annual meetings. This comes after the payment plans were called a ‘material disconnect’ from the firm’s performance.
ISS, an investor advisory, has been vocal against the company after they paid a £142,000 bonus to chief executive Tobias Moers.
Moers had received a total of £1.48million in 2020.
Aston Martin’s revenue fell 39 percent reaching £612million while its losses touched £419million despite which the payout was done.
ISS called the payout ‘questionable’ considering the performance of the company. The outfit had also raised the £13million in emergency cash calls.
Apart from this, the company had also accepted a £690,000 grant from the Welsh government but still cut hundreds of jobs in South Wales.
Another advisory firm sets warning
Another advisory firm, Glass Lewis, also mentioned that there were no targets attached to Moers’ €1million signing-on bonus.
After Moers joined the company, he received €500,000. He is expected to receive another €500,000 on August 1 this year. Apart from this, he also received £50,000 in cash each year in order to cover the cost of moving to the UK.
According to one Aston Martin spokesperson, their remuneration committee had ‘determined that the strategic objectives had been met in full by the end of the year’.
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