// Frasers Group reveals performance reward plan to reward the 1000 highest-ranked staff
// It places staff in line for a share of a £100m payout, if shares rise above £10 in the next four years
Frasers Group has reportedly unveiled a new incentive scheme that places its staff in line for a share of a £100 million payout.
According to The Times, the Mike Ashley-owned retail company is putting forward a resolution before its AGM on October 7 for an award plan for staff who have earned it.
In order to for the payout to happen, Frasers Group’s share price must rise at least £10 – more than double yesterday’s closing price of £3.61 – consistently over the next four years.
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Staff eligible for the award include those who have worked at Frasers Group for four years or more, entitling them to a maximum four weeks’ worth of salary bonus.
Frasers Group has also reportedly proposed a separate performance reward plan to reward its 1000 highest-ranked staff.
According to The Times, this scheme will entail awarding the top 10 with £1 million, with further payouts ranging from £500,000 to £50,000.
However, Frasers Group’s directors and consultants would not be eligible for the scheme, although agency staff – they make up the majority of warehouses – will be included.
The firm also said its shareholders would not by diluted by the incentive schemes.
Frasers Group last gave a payout to staff in 2017, via a £43 million bonus shared between 2000 staff.
Ashley’s retail empire controls Sports Direct, House of Fraser, Game, Evans Cycles, Flannels, Sofa.com and Jack Wills.