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Sports Direct founder withdraws from bonus scheme Sports Direct founder withdraws from bonus scheme
(35 minutes later)
The founder of sportswear retailer Sports Direct, Mike Ashley, has decided not to take part in the company's latest bonus scheme.The founder of sportswear retailer Sports Direct, Mike Ashley, has decided not to take part in the company's latest bonus scheme.
The about-turn comes after executives made strenuous efforts to persuade shareholders to approve the deal. The surprise about-turn comes after executives recently made strenuous efforts to persuade shareholders to approve the deal.
The announcement comes a day ahead of the release of the retailer's annual results.
Mr Ashley said he would not approach shareholders again regarding his remuneration until 2019.Mr Ashley said he would not approach shareholders again regarding his remuneration until 2019.
Up to 3,000 other employees will still share the £200m equity bonus scheme. Up to 3,000 other employees will still share in the £200m equity bonus scheme.
The company had refused to say how much of this would be allocated to Mr Ashley, who does not take a salary from the firm which he founded, and in which he holds a majority shareholding.The company had refused to say how much of this would be allocated to Mr Ashley, who does not take a salary from the firm which he founded, and in which he holds a majority shareholding.
It was the board's third attempt to pay Mr Ashley a bonus since 2012. 'Unhelpful speculation'
Sports Direct said that 60.4% of shareholder votes cast backed the scheme when the bonus scheme was put to them earlier this month. Keith Hellawell, non-executive chairman of Sports Direct, blamed "recent unhelpful speculation" surrounding Mr Ashley's potential share allocation under the bonus scheme for his decision to withdraw from it.
He said Mr Ashley - who is also the owner of Newcastle United - was "determined to ensure that there is the maximum number of shares available for the eligible employees."
The Institute of Directors (IoD) had criticised the bonus scheme proposal ahead of the recent vote saying it had "significant concerns" about Sports Direct's corporate governance.
The Association of British Insurers (ABI) and Local Pension Fund Forum (LPFF) also called on investors to oppose the new bonus scheme before the 2 July vote.
It was the board's third attempt to pay Mr Ashley a bonus since 2012 and in the event, 60% of shareholder votes were cast in favour.
The announcement of Mr Ashley's decision to withdraw from the bonus scheme comes the day before the retailer's annual results.