‘Nepotism and excess’: Frasers boss Michael Murray is the sonin-law of founder Mike Ashley
Michael Murray faced a fresh backlash over plans that could hand him a £100m bonus from Sports Direct owner Frasers Group.
The retail empire’s chief executive, who is the son-in-law of founder Mike Ashley, will unlock the huge payout if the share price passes 1500p.
But investors expressed their displeasure at the annual meeting yesterday. Stripping out Ashley’s 69 per cent stake, around four in ten voted against the pay plan. When Murray’s father-in-law was included, the protest vote came in at 12 per cent.
Frasers sought to placate shareholders by introducing a profit hurdle for Murray to meet. He has also waived his annual £1m salary. Frasers’ shares hit 950p in July but are now 643p.
Luke Hildyard, of the High Pay Centre think-tank, said: ‘If we are interested in being a fair, prosperous and well-governed country, this level of nepotism and excess probably ought to be eliminated.’ Shareholder advisory group Glass Lewis said that the amount was potentially ‘excessive’.
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