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Struggling Aston Martin steers into fresh pay controversy
Aston Martin is steering a path towards a twin-pronged pay row with shareholders as it grapples with the impact of President Trump's tariffs on car manufacturers.
Sky News can reveal that the influential proxy voting adviser ISS is urging investors to vote against both of Aston Martin Lagonda Global Holdings' remuneration votes at next week's annual general meeting. The pay policy vote, which is binding on the company, has attracted opposition from ISS because it proposes significant increases to potential bonus awards to Adrian Hallmark, the company's new chief executive.
"Concerns are raised regarding the increased bonus maximums, which are built upon competitively[1]positioned salary levels and do not appear appropriate given the company's recent performance," ISS said in a report to clients. Aston Martin is also facing a meaningful vote against its pay report for last year - which is on an advisory basis only - because of the salaries awarded to Mr Hallmark and other executive directors.
The company's shares have nearly halved in the last year, and it now has a market value of little more than £660m. Despite the ISS recommendation, Aston Martin will win the vote by virtue of chairman Lawrence Stroll's 33% shareholding.
The luxury car manufacturer has had a torrid time as a public company and now faces the headwinds of President Trump's tariffs blitz. This week it said it would limit exports to the US to offset the impact of the policy.
Aston Martin did not respond to a request for comment ahead of next Wednesday's AGM..
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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