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Investors in Mike Ashley’s Frasers Group have overwhelmingly voted in favour of a new £100m staff reward plan at the company’s AGM meeting yesterday (7 October).
Results revealed on the group’s investor page show that 99.97% of shareholders voted in favour of the company’s new ‘All-Employee Omnibus Plan’ that could see employees net over a £100m in bonuses if certain conditions are met.
The scheme will reportedly see 1,000 Frasers employees that demonstrate “outstanding performance” rewarded between £50,000 to £500,000, with a select few even receiving shares worth up to £1m.
However, the scheme will only be activated if the retail group’s share price rises above £10 and stays there for 30 consecutive days within the next four years.
Speaking ahead of the AGM vote David Daly, non-executive chairman of Frasers Group said: “This scheme strikes the right balance between rewarding as many of our people as possible, whilst also potentially paying life changing sums to those who make the most outstanding contributions.
“These are challenging times but we believe that a £10 share price is a realistic target as our elevation strategy continues to go from strength to strength.”
Also as part of the AGM meeting, both Daly and Ashley were re-elected to their positions of chief executive and chairman, receiving over 99% of shareholders backing.
