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Inchcape PLC on Tuesday said it addressed the concerns of the company’s largest shareholders regarding a salary increase for its chief executive. Before its annual general meeting, the London-based automotive distribution company said its board consulted with its largest shareholders about executive remuneration. Inchcape said ‘some shareholders expressed a concern with the salary increase’ for Group Chief Executive Duncan Tait, which was ‘above workforce average’, as well as the stretch in the performance targets for the one-off performance share plan award. At the AGM held on May 15, the resolution to approve the directors’ remuneration report passed with 65% of votes in favour. Inchcape on Tuesday said that the chair of the remuneration committee wrote to the top 50 shareholders to provide further rationale for the committee’s decisions. This included a ‘detailed overview’ of Tait’s achievements and the ‘performance required for the one-off PSP targets over the next three years,’ the company noted. Inchcape said that after considering feedback, it was ‘satisfied with its decisions’ and ‘no further actions’ were necessary. The company added that the consultation is ongoing and feedback from shareholders has been ‘helpful’ for formulating the 2026 remuneration proposals. The board said it is ‘grateful to shareholders for their engagement [and] will continue its constructive dialogue with shareholders, considering their feedback when setting remuneration.’ Shares in Inchcape fell 1.4% to 748.84 pence on Tuesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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