Sports Direct founder Mike Ashley's £70m bonus rejected by shareholders

Sports Direct founder Mike Ashley’s £73m bonus package has been rejected by shareholders.

This is the second time Ashley’s bonus has been rejected.

Ashley, who has a 62% stake in the company and takes no salary, would have got eight million ordinary shares if shareholders agreed to his bonus deal.

Dave Singleton, chairman of the company’s remuneration committee, said: “During our ongoing discussions with institutional shareholders, it became apparent that, while we had the support of some of our largest shareholders, we had not been able to secure the requisite level of shareholder approval.

“While the board is disappointed that this resolution will not now be passed, we respect shareholders’ views.

“We remain convinced of the benefit of aligning Mike Ashley’s interests with those of all other shareholders.”

Sports Direct now plans to vote for a new share bonus scheme in the company’s annual general meeting in September.

Join the debate: follow us on LinkedIn