Frasers Group shareholders have approved a new scheme that could see incoming chief executive Michael Murray make a £100m bonus.
The company, formerly known as Sports Direct, announced last month that founder Mike Ashley’s future son-in-law Michael Murray will become chief executive in May. He is currently the group’s head of elevation.
Frasers said on Wednesday that shareholders had approved the bonus scheme, with just over 15% voting against it.
As per the scheme, Murray would receive £100m in stock if the share price reaches £15 for 30 consecutive trading days before October 2025. He will also receive a salary of £1m a year.
Advisory groups Pirc and Glass Lewis had recommended that shareholders vote against the plan.
