Frasers investors revolt over £100m bonus plan for the retail empire’s CEO
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Frasers investors riot over £100m bonus plan for retail empire CEO and son-in-law of founder Mike Ashley
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‘Nepotism and excess’: Frasers boss Michael Murray is founder Mike Ashley’s son-in-law
Michael Murray has faced fresh backlash over plans that could earn him a £100million bonus from the Frasers Group, owner of Sports Direct.
The retail empire’s chief executive, founder Mike Ashley’s son-in-law, will release the massive payout if the stock price passes 1500p.
But investors expressed their displeasure at yesterday’s annual meeting. About four in ten voted against the pay plan. When Murray’s father-in-law was admitted, the protest vote came in at 12 percent.
Frasers tried to satisfy shareholders by introducing a profit hurdle for Murray. He has also waived his annual salary of £1 million. Frasers shares hit 950p in July but are now at 643p.
Luke Hildyard, of the High Pay Center think tank, said: ‘If we want to be a fair, prosperous and well-governed country, this level of favoritism and excesses probably needs to be eliminated.’ Shareholder advisory group Glass Lewis said the amount was potentially “excessive.”