Shareholders at Mike Ashley's retail empire Frasers Group have approved its pay deal which could hand incoming chief executive Michael Murray a £100m bonus.
Frasers, which owns brands including Flannels, Sports Direct and House of Frasers , said that just over 15% of shareholder votes were cast against the pay deal.
However, it easily passed the 50% threshold needed to gain approval for the package.
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The move was expected to pass, particularly given that Newcastle United owner Mr Ashley owns an almost 60% stake in Frasers.
However, in a statement issued after the vote, the company said: "Frasers Group confirms that the executive share scheme proposed by the board was approved at today’s AGM, and for reference would have been approved if the votes cast by Mr Mike Ashley, or his holding companies, had not been included in the quorum or vote."
Influential advisory groups Pirc and Glass Lewis had advised shareholders to vote against the remuneration plan, highlighting "excessive pay outs" at the company.
The plan will hand Mr Murray - prospective son-in-law of Mr Ashley - the bumper bonus if the company's shares reach £15, roughly double its current share price, for a consecutive 30-day period at any point over the next four years.
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Mr Murray, who is currently head of elevation at the group, would receive the large cash reward on top of his £1m annual salary.
It comes months after Mr Ashley announced that the 31-year-old will succeed him in the top job, with the retail veteran set to become an executive director.
The approved pay package could also see Frasers' finance director Chris Wootton in line for up to £9 million if certain requirements are hit.
Frasers said the new share bonus scheme had targets which were both "stretching and achievable".
However, the size of the pay outs comes after the retailer group claimed £97m in business rates relief and roughly £80m in furlough payments from the Government.
Frasers Group confirmed the leadership reshuffle in August, with Mr Ashley stepping down from the top job to take a backseat role on the board as an executive director.
The group confirmed Mr Murray will assume the CEO role from May 1 2022.
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The owner and operator of the likes of House of Fraser, Flannels, Sports Direct and Evans Cycles has previously revealed that its profits fell sharply in the past year as sales were impacted by enforced high street closures during the pandemic.
Pre-tax profits plummeted by 94.1% to £8.5m for the year to April 25, compared with £143.5m in the previous year.
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