Premier Investments chief executive Mark McInnes has had multi-million dollar bonuses approved despite opposition from the company’s smaller shareholders.

McInnes in April signed a new contract with the owner of Just Jeans and Smiggle that boosted his annual pay packet by $1 million.

He was also given the go ahead to sell shares worth more than $12 million to pay for the construction of a new home near the company’s Melbourne headquarters.

At an extraordinary general meeting on Wednesday, a clear majority of Premier Investments shareholders approved his entitlement to termination payments worth up to $5 million, and the granting of one million performance rights.

The result was unsurprising given the company’s chairman Solomon Lew holds a stake of about 43 per cent in Premier Investments, which also owns the Jay Jays, Peter Alexander and Portmans brands.

The Australian Shareholders Association, which represents retail shareholders, opposed the generous short-term and long-term performance rights.

ASA monitor Gavin Morton said mum and dad shareholders believed it has been made too easy for McInnes to earn bonuses.

“It’s an open door for Mark to walk through,” he told AAP.

“The problem with the short-term and long-term incentives is that he is going to get them anyway because the hurdles are laughable.”

AAP

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