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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.

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