The sports retail giant could decide to call off Wednesday's shareholder meeting if the proxy votes - due in today - indicate that it has not received enough support.
"We've outlined significant concerns to our members," an ABI spokesperson told City A.M. "The overall package is not clear, transparent or accountable to shareholders."
It has also criticised the lack of disclosure over how many of the 25m shares would be allotted to Ashley.
The ABI has been leading talks for investors representing around a fifth of the group's 38 per cent free-float.
"Our members are concerned about the significant lack of detail being provided about the arrangements of this scheme, and the absence of substantive consultation with shareholders is particularly frustrating," the NAPF's
The institutional investor group Pirc has also opposed the scheme.
Under the proposal, earnings would need to more than double by the end of the period in 2019 to £750m compared to this year's earnings, which are expected to be around £330m.
Ashley, who owns a 62 per cent stake in
Unlike previous plans, the 2015 scheme ties Ashley to payouts for
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