06 September 2012 10:41
A scheme that could have seen Newcastle United owner Mike Ashley pocket a £26 million bonus was rejected by Sports Direct shareholders yesterday, at the company's annual general meeting.
In the deal, the executive deputy chairman of Sports Direct, who netted £929 million in a single day in February 2007 after selling 43% of the business he founded, was set to be given eight million shares in 2018 if the chain met a series of 'super stretch' targets up to 2015.
Investors failed to back the scheme, but the board said it would suggest another scheme to incentivise Mr Ashley, who currently receives no pay.
A separate scheme that has already seen 2,000 workers paid a £15,000 windfall this summer is unaffected by the vote.
Dave Singleton, chairman of the remuneration committee, said: "As a board we are very disappointed that this resolution was not passed, however, we respect shareholders' views.
"A new super stretch share scheme with further performance criteria will be proposed to shareholders at a future meeting."