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11million in backdated pay to boss Mike Ashley’s brother, John Ashley. More than 70 per cent of the retailer’s shareholders voted against the proposal, weeks after Mike Ashley said he fully expected it to be rejected. Following an independent investigation, Sports Direct’s board said John Ashley had not been paid for his work for the company since 2007, due to ‘concerns at the time about public relations’. Mike Ashley abstained from the vote. 11million over the period, the investigation suggested. In a statement outlining the outcome of today’s vote, Sports Direct said: ‘The board trusts that shareholders will welcome the steps taken to reassure them that John Ashley did not benefit inappropriately from being the brother of majority shareholder Mike Ashley.
11 million after he forewent bonuses that he would have received if he were treated equally to other executives who helped to build the company. By voluntarily abstaining from voting on this issue, the board has provided the company’s independent shareholders the opportunity to determine whether or not to make a retrospective payment to John Ashley. The board respects the views of the company’s independent shareholders, and considers all these matters to be closed. We now intend to move on.
The group’s share price is down 2. In July, Sports Direct’s financial results revealed its profits plunged nearly 60 per cent in a year, with the retailer blaming the weaker pound. Keith Hellawell, the group’s chairman who survived a shareholder vote earlier this year, said in the results that the company had made ‘positive progress’ in its treatment of workers and continued to ‘strive to ensure that all of our people are treated with dignity and respect. 15million deal done in a pub.
Despite the judge ruling in favour of the Sports Direct boss, evidence heard by the court painted a stark picture of how Ashley does business. Ashley boasted that he had drank about five pints of beer within an hour during his meeting with Blue. Car shop shows their Seat Toledo 1. 59bn Brits have tied up in Europe safe? Can you change a name on a plane ticket? The comments below have not been moderated.
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