Frasers Group defends zero-hours contracts amid investor revolt

// Frasers Group defends zero-hours contracts amid shareholder revolt

// Over 50% independent shareholders in Frasers rejected plans for £100m bonus for new CEO

// Despite the protest vote, measures were approved after backing of Frasers’ founder Mike Ashley

Mike Ashley’s Frasers Group has justified using zero-hours contracts by calling them “tough decisions that don’t work for everybody”, amid a shareholder revolt.

More than half of the independent shareholders in Frasers, which owns House of Fraser and Sports Direct, rejected plans for a £100 million bonus scheme for its incoming chief executive, Michael Murray.

They also rejected the payment of a £100,000 cash bonus and pay rise for its finance director, Chris Wootton.

Wootton suggested that zero-hours contracts, which Frasers has introduced for store workers at House of Fraser and Evans in the past year, had helped keep those businesses afloat.

Frasers Group has long used zero-hours contracts, which have been criticised by workers’ rights groups.

Nevertheless, the group sought approval for the bonus schemes for its senior executives at an annual meeting on Wednesday, with only two independent shareholders making it to the 9am event in the group’s head office in Shirebrook, Derbyshire.

Just over 55 per cent of independent shareholders voted against the group’s future remuneration policy, while just over 50 per cent voted against the remuneration report.

Despite the protest vote, the measures were approved thanks to the backing of the group’s founder and chief executive Ashley, who owns 64 per cent of Frasers’ shares.

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post Frasers Group defends zero-hours contracts amid investor revolt appeared first on Retail Gazette.

from Retail Gazette https://ift.tt/2XXSlKq
via IFTTT

Comments

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...

Latest Retail Insight, News, Information & Articles from all top sources for the Internet.

Search This Blog