// Boohoo Group’s shareholders have staged a revolt over the company’s proposed executive bonuses.
// A total of 32.5% of shareholders voted against the fashion giant’s remuneration report
The Manchester-headquartered group was braced for opposition to its remuneration report after advisory firms recommended investors reject it.
On 22 June, more than 32% of shareholders voted against the report at its annual general meeting.
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A statement issued to the London Stock Exchange said: “The board notes that while resolution two was approved, which gave shareholders the opportunity to cast an advisory vote on the directors remuneration report for the year ended 28 February 2023, 32.48% of the votes cast were votes against resolution two.
“Over the coming months, the board will reflect on the result of resolution two, and the remuneration committee looks forward to ongoing engagement with the group’s shareholders as it continues to shape the group’s future remuneration policy.”
Chief executive John Lyttle enjoyed £650,000 bonus last year despite the group racking up losses of over £90m.
On its current trading and outlook, Boohoo added: “The group’s execution of its Back to growth strategy continues apace and guidance remains unchanged from that issued previously in May, with an expectation to return to profitable growth in the second half of the financial year as a result of the anticipated benefits from investments being made across price, product and proposition.
“This is expected to improve adjusted EBITDA year on year and the group continues to focus on maintaining its strong balance sheet.”
At the same time, Boohoo is staging its own coup at Revolution Beauty, where it is the largest shareholder, as it looks to oust its leadership team.