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UK retail's 100 million stg man - Frasers investors back next CEO's bonus scheme

Frasers investors back 100 million stg share scheme for next CEO
Frasers investors back 100 million stg share scheme for next CEO   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p>By James Davey</p> <p><span class="caps">LONDON</span> -Shareholders in British sportswear retailer Frasers Group on Wednesday backed a new executive share scheme which could earn chief executive designate Michael Murray 100 million pounds ($137 million).</p> <p>Frasers, which was formerly called Sports Direct and is controlled by founder Mike Ashley, said last month that Murray would succeed Ashley as <span class="caps">CEO</span> on May 1 next year.</p> <p>Murray, currently Frasers’ “head of elevation”, is the partner of Ashley’s daughter.</p> <p>At the firm’s annual investor meeting 86.6% of votes cast were in favour of the bonus scheme, while 13.4% opposed it. Ashley owns 64% of the equity.</p> <p>Ahead of the meeting investor advisory groups had recommended shareholders vote against the scheme. </p> <p>As per the scheme, Murray would receive 100 million pounds of Frasers stock if the share price hits 15 pounds for 30 consecutive trading days before October 2025.</p> <p>Frasers has said the target “is suitably challenging but achievable and would be evidence of the success of the group’s elevation strategy and Michael’s leading role in this.”</p> <p>The stock was trading at 692.3 pence at 1140 <span class="caps">GMT</span>.</p> <p>Murray will also be paid a salary of 1 million pounds a year.</p> <p>At the meeting 13.7% of votes cast opposed Frasers’ remuneration report, while 15.1% opposed its remuneration policy.</p> <p>($1 = 0.7311 pounds)</p> </div>