Upcoming Frasers boss gets £100m pay deal approval

Frasers' shareholders have backed a £100m pay deal for upcoming boss Michael Murray, Mike Ashley's prospective son-in-law.

Around 85% voted for the package, which could hand Mr Murray a £100m bonus on top of his annual £1m salary.

He'll get the bumper bonus if the company's shares reach £15 in the next four years.

The 31-year-old is set to take over from retail tycoon Mike Ashley, who will become chairman of the group.

Mr Murray is currently "head of elevation" at the group, which owns brands including Sports Direct, House of Frasers and Flannels, and is in charge of modernising stores and transforming the business.

He is due to become chief executive on 1 May 2022.

Mr Murray is engaged to be married to Mr Ashley's daughter Anna and will receive the £100m bonus if the £15 share target is reached for a consecutive 30-day period at any point over the next four years.

The company's shares are currently trading just below £7 and reached an all-time high of more than £9 in April 2014.

It listed its shares on the stock exchange in 2007, with shares priced at £3.

Shareholders were given the chance to vote on the deal and a number of other issues during Wednesday's annual general meeting.

More than 15% voted against the proposal with just under 85% voting in favour.

The package needed to pass a 50% threshold to be approved.

The move was expected to get the thumbs up, particularly given that Newcastle United owner Mr Ashley - who founded Sports Direct in 1982 - owns an almost 60% stake in Frasers.

That was despite Influential advisory groups Pirc and Glass Lewis advising shareholders to vote against the remuneration plan, highlighting "excessive pay-outs" at the company.

The approved pay package could also see Frasers' finance director Chris Wootton in line for up to £9m if certain requirements are hit.

Frasers said the new share bonus scheme had targets which were both "stretching and achievable".

When announcing the package last month it said: "The board believes that the significant increase in value of the shares to be achieved before Michael's share option award vests is suitably challenging but achievable and would be evidence of the success of the group's elevation strategy and Michael's leading role in this."

The pay deals come after the retailer group claimed £97m in business rates relief and roughly £80m in furlough payments from the government.