// Shareholders at Frasers Group approve the firm’s pay deal which could hand Michael Murray a £100m bonus
// Voting advisory groups had previously lined up to oppose Murray’s bonus, due to its size and focus on the share price
Frasers Group’s shareholders have approved the firm’s executive share scheme, which could see incoming chief executive Michael Murray received shares worth £100 million.
The billionaire tracksuit tycoon will step down as chief executive of his Frasers Group empire in May next year and hand the reins to Michael Murray, his daughter Anna’s fiance.
However independent shareholders yesterday revolted over a deal that will hand Murray £100 million if Frasers’ share price hits £15 for 30 consecutive trading days in the next four years.
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Frasers Group at risk of shareholder revolt over CEO’s £100m bonus
Shares fell 1.1 per cent, or 7.5p, to 687p last night.
Frasers Group, which includes Sports Direct, House of Fraser and Evans Cycles – accepted £80 million in furlough cash and saved £97.5 million in business rates relief.
Voting advisory groups had lined up to oppose Murray’s bonus, due to its size and focus on the share price, which they said can change independently of a chief executive’s performance.
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