Frasers Group has won approval from its shareholders to launch its first staff incentive programme since 2017.

The group, which operates businesses including Sports Direct, House of Fraser and Flannels, has won approval from the vast majority of shareholders for its new ‘Fearless 1,000’ employee bonus scheme.

The vast majority of the business’ 30,000 employees are eligible for the scheme barring its executive board, with potential rewards of as much as £1m in shares up for grabs for staff nominated by other employees.

Other rewards vary from cash bonuses equivalent to up to four weeks’ wages, or up to £100,000 in share awards for those that “most demonstrate outstanding performance” across the group.

The scheme will run for four years and come into effect if the company’s share price reaches and remains around £10 for 30 consecutive trading days – a feat not reached even in the company’s 2014 heyday, when its share price reached a high of £9.22.

This is the company’s first bonus scheme since 2017 when it paid out £43m to 2,000 of its 29,000 staff.

Cally Price, the Frasers Group workers’ representative to the board, said: “Our workforce is our lifeblood. I hope that all shareholders will recognise our efforts by voting to give my colleagues and I the opportunity to share in the future success of the company.”

Chair David Daly added: “This scheme strikes the right balance between rewarding as many of our people as possible, whilst also potentially paying life-changing sums to those who make the most outstanding contributions. These are challenging times but we believe that a £10 share price is a realistic target as our elevation strategy continues to go from strength to strength.”