7th Oct 2020 10:03
(Alliance News) - Frasers Group PLC on Wednesday called on shareholders to approve its bonus scheme that could be worth more than GBP100 million at its annual general meeting.
The scheme would be open to the vast majority of the sportswear and clothing retailer's workers, who could receive either cash bonuses of share awards should the company's share price hit a specified target in a certain period.
Eligible and qualifying workers could receive cash bonuses of up to four weeks' salary while its "1,000 eligible and qualifying workers who most demonstrate outstanding performance" can receive share awards with up to ten of these receiving awards worth around a possible GBP1 million.
Other members of its "fearless 1,000"could receive share awards potentially worth between GP50,000 and GBP500,000".
Frasers Workers' Representative Cally Price said: "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."
The four-year scheme will crystallise if Frasers's share prices reaches and stays above GBP10 for 30 consecutive trading days in the performance period.
Shares in Frasers were up 0.3% at 362.00 in London on Wednesday morning, the day of its AGM.
By Anna Farley; [email protected]
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