Manchester-based online fashion firm Boohoo Group plc said on Tuesday it had cancelled plans to pay its top executives million-pound bonuses in the face of shareholder protests.  

Boohoo, whose revenue fell 17% in the last financial year, said it “has engaged with certain shareholders” since it announced the bonuses last week, without giving any details. 

The resolution to approve the company’s new incentive plan has been withdrawn from its annual general meeting, scheduled for 20 June. 

Boohoo “has decided not to implement the Incentive Plan at this time,” it said in a statement. “The company will consider further engagement with shareholders on this matter in the future.”

It said its executive directors – CEO John Lyttle and co-founders Mahmud Kamani and Carol Kane – who were in line to earn £3 million in bonuses this year, had waived their entire bonus entitlement for the financial year ended 29 February. 

Boohoo’s shares fell slightly to 34.3p. They are down more than 90% over the past four years.