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| Version 1 | Version 2 |
|---|---|
| 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 surprise about-turn comes after executives made strenuous efforts recently to persuade shareholders to approve the deal. | |
| 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 in 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. |
| 'Unhelpful speculation' | 'Unhelpful speculation' |
| 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. | 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." | 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 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. | 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. | 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. | The announcement of Mr Ashley's decision to withdraw from the bonus scheme comes the day before the retailer's annual results. |