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Pensions body opposes Sports Direct pay plan

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SPORTS Direct faced further calls yesterday to withdraw its proposed bonus scheme to reward its founder Mike Ashley, ahead of a planned shareholder meeting tomorrow.

Local Authority Pension Fund Forum (LAPFF) said it had urged its members to vote against the 2015 bonus share scheme, joining similar calls from the Association of British Insurers and The National Association of Pension Funds.

LAPFF’s chairman, Kieran Quinn, said it was “inappropriate to establish an incentive plan with a single board member in mind”, especially one whose company holds 57.7 per cent in Sports Direct.

He said Ashley should be rewarded through dividends and a salary “on which his contribution to a bonus pool could be based”.

Meanwhile, Sports Direct said yesterday it did not intend to buy Office after rumours linking it to the shoe chain.