Advisory groups advise voting against remuneration plan, flagging ‘excessive payouts’
Mike Ashley’s Frasers Group faces a showdown with shareholders on Wednesday as it seeks approval of a £100m bonus scheme for its incoming chief executive, Michael Murray, and a cash bonus for its finance director despite having accepted millions of pounds in government support.
Influential advisory groups Pirc and Glass Lewis advise shareholders to vote against the remuneration plan at its annual shareholder meeting, flagging “excessive payouts”, while proxy voting service Minerva Analytics said shareholders may regard the ultimate payout as “unreasonably high” despite the stretching target set.