Losses: Boohoo has withdrawn a resolution from its AGM which would have three top executives a £1m payday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The fast fashion group has told shareholders that it has withdrawn a resolution from next month’s annual general meeting (AGM) which would have handed £1million bonuses to co-founder Mahmud Kamani and Carol Kane, and to chief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.