Monday, August 15News That Matters
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Tag: £11m

Sports Direct under fire over £11m 'owed to Mike Ashley's brother'

Sports Direct under fire over £11m 'owed to Mike Ashley's brother'

Business
Sports Direct shareholders have criticised the retailer's decision to ask investors to approve an £11m payment to the brother of founder Mike Ashley.Royal London Asset Management said the retailer had given "no evidence or detail explaining why" the sum was owed to John Ashley.It would vote against the payment as it was a "consequence of poor governance".The fund manager has a 0.18% stake in Sports Direct worth about £3.7m.Ashley Hamilton Claxton, Royal London's head of responsible investment, said: "If appropriate governance measures were in place at Sports Direct in the first place, there would have been a clear and transparent process for paying John Ashley what he was due and there would be no need to review his compensation after the fact."Investors need to see a plausible reason as t...