Dec 13, 2017

Sports Direct investors veto £11m payout to Ashley's brother

Sports Direct shareholders have rejected a proposed £11m payment to the brother of its founder, Mike Ashley. The tycoon, who abstained from voting, wanted to give John Ashley the cash as a back payment. John Ashley, who is Mike's elder brother, stepped down as the retailer's IT chief in 2015. An internal review by Sports Direct legal advisors RPC and accountants Smith & Williamson found that John Ashley had been underpaid since the company listed on the stock market in 2007, and was due £11m in bonuses and awards. The findings were endorsed by Mike Ashley and the board, but were criticised before the vote by investors due to corporate governance issues.

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