The group, which represents more than 300 members who hold about 17pc of the FTSE100, went further claiming relations between the firm and the City had broken. It criticised
He said: 'It is not great for relations between investors and a firm to be confrontational or damaging. A premium listed company has obligations regarding its corporate governance and
'The scale of the pay proposal is completely inappropriate. No one questions Ashley's talent as a retailer but the firm and investors need to find common ground in terms of how to reward him.'
A month ago the ABI was asked by key
This is where investors, who normally hold discussions individually, call a group meeting and in this case chairman
They sought to justify the scale of Ashley's reward by arguing he was so wealthy only a massive payout would register on his radar.
He had given assurances that after the three previous failed pay proposals investors would be consulted prior to a fourth being drawn up.
However, this did not appear to happen and a fourth plan was announced without any of the agreed consultation. It is feared that Hellawell and Bentley may have been railroaded by Ashley, sparking questions over the effectiveness of the board.
Investors may now vote against the re-election of some board members at the next annual meeting, preferring to see some fresh faces.
The latest problem occurred earlier this month with reward scheme version four. It lumped Ashley's bonus in with about 3,000 of his co-workers, and did not break-out the specific amount he'd personally receive if targets are met. The total amount was listed as 25m shares – about 4.2pc of the company – worth around
Ashley, who also owns Newcastle United football club, has had a tempestuous relationship with the City, having accused some of 'behaving like cry babies' after
Department store Debenhams, in which Ashley indirectly owns a 4.6pc stake, said stores open over a year rose 0.7pc in the 14 weeks to
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