Frasers urges shareholders to back £100m staff bonus scheme

The board of Frasers Group has urged shareholders to back a £100m staff incentive scheme at Wednesday’s annual meeting.

Frasers, formerly known as Sports Direct, plans to award the cash to staff if the share price hits £10 for a 30 day period.

The awards will depend on length of service, with staff having worked four years or more entitled to a maximum four weeks’ worth of salary bonus. Frasers has put forward a separate performance reward plan that will reward the 1,000 highest-ranked employees, known as then “Fearless 1,000”, with the top 10 receiving £1m, with further payouts ranging from £500,000 to £50,000.

"Our workforce is our lifeblood. I hope that all shareholders will recognise our efforts by voting to give my colleagues and I the opportunity share in the future success of the company," said Cally Price, Frasers Group Workers' Representative to the board.

If approved, the scheme will run for four years.

David Daly, non-executive chairman said: "This scheme strikes the right balance between rewarding as many of our people as possible, whilst also potentially paying life changing sums to those who make the most outstanding contributions."

"These are challenging times but we believe that a £10 share price is a realistic target as our elevation strategy continues to go from strength to strength."

The company last gave a payout to employees in 2017, when a £43m bonus was shared between 2,000 people who took part in a share scheme in 2011.