Frasers chief Mike Murray blasted for £100m bonus plan

The director of Sports Direct owner Frasers has been attacked over a plan that would earn him a £100million bonus.

Mike Murray, the son-in-law of the group’s founder Mike Ashley, will receive the princely sum if he raises the share price to £15 by 2025. But shareholder adviser Glass Lewis said it had “serious reservations” about the plan.

It said the amount may have been “excessive” and urged the company’s investors to vote against at their annual meeting this week.

It is the second year in a row that concerns have been raised.

Experts fear the plan could reward Murray “due to market conditions” rather than his own performance.

Shares skyrocketed to £9.50 in July as consumers flocked to shops after Covid restrictions ended. The price has since fallen to £6.48 amid concerns that retail profits will come under pressure as costs rise and consumers face a cost of living crisis.

Frasers has tried to appease shareholders by introducing a profit threshold for Murray, which Glass Lewis said some investors might view positively. He has also waived his annual salary of £1 million.

Murray married Anna Ashley in May this year at Blenheim Palace.

Institutional Shareholder Services, which also advises on corporate compensation plans, reiterated the call to vote against the plan. It said there was a potential for a “very high” payout that “did not necessarily reflect management performance.”