(Reuters) -Proxy adviser Institutional Shareholder Services (ISS) has recommended Aston Martin investors reject the luxury car maker’s pay report and policy, citing mismatches between top executives’ payouts and shareholder “experience” last year.
Aston Martin’s new CEO, Adrian Hallmark, was appointed on a salary with a “material premium” to that of his predecessor, making it stand out given the company’s market position, ISS said in its report published April 23.
The advisory group said Aston Martin’s finance chief Doug Lafferty had also got a “substantial” rise in salary last year, which is not supported by “cogent rationale”.
The high-end sports car maker has faced persistent losses and mounting debt since its 2018 stock market debut, triggering multiple equity raises and job cuts.
However, the company this week reported a narrower-than-expected first-quarter loss, improved its forecast for the next quarter and affirmed its full-year outlook.
($1 = 0.7508 pounds)
(Reporting by DhanushVignesh Babu and Pushkala Aripaka in Bengaluru; Editing by Anil D’Silva and Vijay Kishore)
