7th Oct 2020 13:44
(Alliance News) - Frasers Group PLC on Wednesday said shareholders have approved a employee bonus scheme that could be worth more than GBP100 million at the company's annual general meeting.
Shareholders approved all AGM resolutions with a more than 90% majority in all cases. The most votes against a resolution was for resolution 20, authorising the making of political donations, which had 8.6% opposition.
Shares in Frasers were up 0.1% at 361.11 pence in London on Wednesday afternoon.
Earlier on Wednesday, the company said the bonus scheme will 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.
By Anna Farley; [email protected]
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