Mike Ashley waives Sports Direct bonus

 
Lynsey Barber
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Mike Ashley will not take his bonus (Source: Getty)

Sports Direct founder Mike Ashley will not take up his bonus despite the controversial scheme gaining approval from shareholders.

The retailer announced Ashley will not take up the share-based bonus in 2015 ahead of its financial results, due out tomorrow, and would not approach shareholders about any bonus until 2019.

The collective £200m bonus, approved at the beginning of July by 60 per cent of shareholders, will still be awarded to management and employees.

Sports Direct non-executive chairman Keith Hellawell said:

"The resolution passed by shareholders to implement the 2015 Bonus Share Scheme clearly recognises the success of previous company-wide schemes, and the significant contribution from Mike.

Mike remains fully committed to achieving the scheme's stretch targets. Regarding the allocation of shares, Mike's focus is on ensuring that the scheme aligns all employees to achieve the Company's objectives. Following recent unhelpful speculation surrounding his potential allocation, he is determined to ensure that there is the maximum number of shares available for the eligible employees."

The Institute of Directors had criticised the Sports Direct board for “weak governance” over its desire to hand Ashley the multimillion-pound bonus.

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