Frasers Group is preparing for a showdown with shareholders today over plans to hand its new boss a £100m bonus.
Advisory groups Pirc and Glass Lewis have advised shareholders to vote against the remuneration plan at its annual shareholder meeting, flagging “excessive payouts”.
Michael Murray, the property player who will take over from Mike Ashley next year, is set to receive just over £100m if Frasers’ share price hits £15 for 30 consecutive trading days in the four years from 7 October 2021, up from about £7 at present. The bonus would come on top of his base salary of £1m a year.
Murray is currently in charge of the group’s property strategy and is the fiancé of Ashley’s daughter.
