Frasers Group, which owns reputed Sports Direct and House of Fraser, called on the shareholders yesterday (7 October) at its AGM to support its employee bonus scheme that was launched last month.
The £100 million employee bonus scheme, the Group said, would be open for a large majority of its 30,000 workers.
Urging shareholders to back the scheme, Cally Price, the Frasers Group workers’ representative to the board, said “I hope that all shareholders will recognise our efforts by voting to give my colleagues and I the opportunity to share in the future success of the company.
Cally added that their workforce is their lifeblood. As per the scheme, the workers would receive bonuses through cash or shares depending on whether they meet their performance targets or not.
While the cash bonus would comprise salary of 4 weeks for deserving employees, shares would be given to 1,000 eligible workers for their outstanding performance. The top 10 performers will, reportedly, receive awards worth around £1 million.
But there’s a twist!
These bonuses would be awarded only if shares double in next 4 years to at least £10 and that too for 30 successive trading days during the performance period.
Frasers Group has said that the share price of £10 was realistic.
The employee bonus scheme will not be applicable for Group’s directors and consultants.