View more on these topics

Lighthouse shareholders oppose director pay and bonuses

Around a third of Lighthouse shareholders have voiced disapproval of the Aim-listed network’s latest bonus and director pay proposals

About a third of Lighthouse shareholders have voiced disapproval of the Aim-listed group’s bonus and director pay proposals after senior management were awarded bonuses totalling £90,000 despite the business having made a loss.

In March, Lighthouse Group posted pre-tax losses of £1.6m for 2013 while setting aside £310,000 in redress. 

The accounts included the bonuses for chief executive Malcolm Streatfield and finance director Peter Smith and total pay and benefits for the pair of £569,000 – an increase of 39 per cent from the previous year.

Money Marketing understands that  a number of shareholders, amounting to over 30 per cent of the company, have said they are opposed to the plan.

Shareholder Simon Taylor-Young says: “I am not sure that yet another loss qualifies as superior performance. It is also interesting in the context of no dividend.”

Lighthouse was unavailable for comment.

Earlier this week, Lighthouse Advisory Services, the network arm of Lighthouse Group, posted a loss of £875,44 for 2013, nearly doubling the 2012 loss of £484,271.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com