News Column

We need to know Ashley's cut

June 21, 2014

Weariness among fund managers may mean that, at the fourth attempt, Sports Direct will succeed in getting a bonus scheme for founder and 58% shareholder Mike Ashley. The ruse is to lump the boss in with its all-employee scheme but refuse to say how many shares would be allocated to him. Yet the Association of British Insurers is not giving up easily.

But a disgruntled band wants the proposal to be withdrawn. Its campaign could yet gather momentum before the vote on 2 July. The easy solution is for Sports Direct chairman Keith Hellawell to cough up the information: how many of the 25m shares would be offered to Ashley? The figure has to be published in the end anyway. Announcing it now might persuade a few waverers to give Ashley what he craves. Being bloody-minded serves no obvious purpose.

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Source: Guardian (UK)

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