LONDON (Reuters) - British employer group, The Institute of Directors, said on Tuesday it had "significant concerns" about the latest bonus scheme proposed by Sports Direct (L:SPD).
The proposed scheme from Britain's biggest sporting goods retailer could potentially award shares worth 200 million pounds to Mike Ashley, the firm's founder, deputy executive chairman, and 58 percent shareholder as well as an undisclosed number of employees.
Sports Direct investors are due to vote on the proposal at a meeting on Wednesday.
"Sports Direct is seeking to push through excessively generous pay arrangements for Mr Ashley. The IoD is concerned that this is suggestive of weak underlying governance at the company," it said in a statement.
(Reporting by James Davey; editing by Sarah Young)