Almost 30% of shareholders have voted against directors’ remuneration at a general meeting of troubled Altrincham-based car dealership Lookers plc, whose shares were suspended amid an accounting investigation.
Lookers said 28.9% of shareholders voted against the directors’ remuneration report at the meeting.
“The remuneration committee notes the concerns raised by shareholders in relation to the remuneration report, and will reflect on this and communicate with shareholders in relation to the specific actions that it intends to take,” said Lookers.
“As noted in the recently published annual report, the remuneration committee will continue to review the appropriateness of the remuneration policy as the business strategy evolves during the early part of 2021 and will continue to engage to the extent any changes are proposed.”
On November 25, Lookers reported a loss before tax of £45.5 million as it finally published much-delayed results for the year ended December 31, 2019.
Lookers reported a total of £25.5 million of non-cash adjustments which were necessary to correct misstatements in profit before tax “over a number of years.”
It reported a provision of £10.4 million “for potential liabilities arising from the ongoing Financial Conduct Authority (FCA) investigation.”
Lookers said investigations identified “a cash expenses fraud which led to a loss of £327k in a single division and which accumulated over several years.”
Total revenue for the year was £4.787 billion, up from £4.828 billion in 2018.