Trouble: Fast fashion retailer Boohoo faces a shareholder revolt
Troubled fast fashion retailer Boohoo faces a shareholder revolt at its annual general meeting as advisory firms opposed its executive bonuses.
Institutional Shareholder Services (ISS) has urged investors to oppose the pay report on Thursday after the remuneration committee decided to increase bonuses for the year to the end of February.
‘There is no compelling rationale for this adjustment, taking into account overall performance,’ ISS said.
Boohoo’s boss John Lyttle was handed a £650,000 bonus, taking his total pay packet to £1.35 million, despite a loss of almost £91 million, from a profit of £7.8 million the previous year. Investors have been irked as shares are down 48 per cent in the last year.
Another advisory firm, Glass Lewis, is concerned new chief financial officer Shaun McCabe had a base salary ‘significantly higher’ than his predecessor.
Rebellions are also brewing over at fellow online retailer THG on Wednesday.
ISS and Glass Lewis have called on shareholders to vote against the reappointment of a long-standing non-executive director, Iain McDonald.
