Frasers Group urges shareholders to approve staff bonus

Frasers Group has urged its shareholders to approve a 100 million pound staff bonus scheme at its annual general meeting on Wednesday.

The bonus scheme would be open to the “vast majority” of the group’s workers, who would either receive cash bonuses or share awards if the company's share price hits a specified target within a certain period.

The share awards would be triggered only if the share price more than doubles to 10 pounds and stays there for 30 consecutive trading days within the next four years.

The scheme would be accessible for 1,000 eligible and qualifying workers “who most demonstrate outstanding performance”. Up to ten of those workers would each receive share awards potentially worth around 1 million pounds, while others would receive share awards potentially worth between 50,000 and 500,000 pounds.

“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,” David Daly, non-executive chairman of Frasers Group, said in a statement.

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

Photo credit: FashionUnited