Boohoo sees shareholder unrest over executive pay
The company believes that its “Back to Growth” strategy will result in benefits from investments being made across price, product and proposition
Boohoo is facing unrest amongst its shareholders after nearly a third of them voted against its remuneration report at its AGM.
It is unclear exactly how much each director was paid last year but 32.5% of shareholders decided against the report.
Despite this all directors were reelected with 99% of votes in their favour with the exception of non-executive director Tim Morris who had 5% of voters vote against him.
The Boohoo board noted that despite the remuneration vote passing a third of the vote was against it.
It stated: “Over the coming months, the board will reflect on the result of Resolution 2, 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.”
Alongside this news Boohoo also stated that it expects to return to “profitable growth” in the second half of the financial year.
The company believes that its “Back to Growth” strategy will result in benefits from investments being made across price, product and proposition.
Boohoo believes that this will lead to an improved adjusted EBITDA year-on-year.
