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news UK Share schemes Share schemes

Sports Direct to review bonus arrangements

By Katie Scott 8th July 2016 12:33 pm 6th April 2017 3:36 pm
Sports Direct

Sports Direct is to review its incentive arrangement after failing to reach the full year earnings targets required to trigger payments under its annual share-based bonus scheme.

For the 2,000 eligible employees to receive a payment under the existing annual bonus scheme, Sports Direct needed to record earnings of £420 million, however, the retailer instead achieved £381.4 million.

Bonus payments from previous years’ schemes saw employees each take away £9,147 in 2012, £48,305 in 2013 and £12,816 last year.

Dave Forsey, chief executive at Sports Direct, said: “Unfortunately, our disappointing results have meant that the group has not achieved the first EBITDA target set by the 2015 share scheme, which is a key long term share-based incentive scheme that rewards eligible staff for their hard work and commitment, and is based on the achievement of four consecutive full-year EBITDA targets.

“This is very disappointing as the share scheme is a significant part of our high performance and reward culture, and we are working to replace this arrangement with a new incentive scheme to continue to reward our people for their commitment and performance.”

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