Losses: Boohoo has withdrawn a resolution from its Annual General Meeting that would give three senior executives a £1m payday
Boohoo has sensationally backtracked on a controversial plan that would have given its directors hefty bonuses despite losses.
The fast fashion group has told its shareholders it has withdrawn a resolution from next month’s annual general meeting (AGM) that would have handed out £1m bonuses to co-founders Mahmud Kamani and Carol Kane, and chief executive John Lyttle.
The U-turn comes after a backlash from some investors, who were preparing to rebel against the plan when the vote came up at the Annual General Meeting on June 20.
Boohoo says that after discussions with “certain shareholders”, it decided not to implement the so-called Incentive Plan.
Kamani, Kane and Lyttle did not receive bonuses because they did not meet their financial goals over the past year.