Boohoo bows to investor pressure as it backs down on paying bosses £1m bonuses By Daily Mail City & Finance Reporter Updated: 17:01 EDT, 28 May 2024 e-mail View comments Losses: Boohoo has withdrawn a resolution from its AGM which would have three top executives a £1m payday Boohoo has sensationally backed down over a controversial scheme that would have handed sizeable bonuses to its directors despite losses. The fast fashion group has told shareholders that it has withdrawn a resolution from next month’s annual general meeting (AGM) which would have handed £1million bonuses to co-founder Mahmud Kamani and Carol Kane, and to chief executive John Lyttle. The U-turn comes after a backlash from some investors, who were gearing up to revolt against the plan when it came to a vote at the AGM on June 20.
Boohoo says that after engaging with ‘certain shareholders’, it has decided not to implement the so-called Incentive Plan. Kamani, Kane and Lyttle were not due bonuses because they missed financial targets for the last year. RELATED ARTICLES Previous 1 Next Nick Train vows to back 'world-class' British businesses.
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