Boohoo shareholders revolt on executive pay

Many shareholders of Manchester-based online fashion giant Boohoo voted against the firm’s directors remuneration report and a new long term incentive plan at the AGM on Friday.

“The board notes that while Resolution 2, giving shareholders the opportunity to cast an advisory vote on the Directors Remuneration Report for the year ended 28 February 2022, and Resolution 3 the introduction of a new Long Term Incentive Plan (LTIP), were both approved, 33.47% of the votes cast were votes against Resolution 2 and 25.36% of the votes cast were votes against Resolution 3,” said Boohoo.

“Over the coming months, the board will reflect on the result of Resolution 2 and Resolution 3, 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.”