Boohoo continues to battle shareholder backlash in latest AGM

A proportion of Boohoo shareholders have made their opposing feelings towards the fast fashion giant’s Remuneration Report known in the company’s latest annual general meeting (AGM).

In the meeting, held on June 20, shareholders came together to vote on 12 resolutions, and while all of these proposals were ultimately passed, it was clear that there were some for which shareholders were struggling to get behind.

The second resolution on the list, the approval of the director’s Remuneration Report, received 14.89 percent of opposing votes. This was only topped by point number five, the re-election of director Iain McDonald, with 16.14 percent of shareholders voting against the move.

Boohoo had already been dealing with backlash on an incentive plan that would have seen three of its executives receive bonuses for the year, despite missing financial targets.

Ultimately, the group backtracked on the plan, removing it from the AGM proposals, after one of its top five shareholders stated they were “furious” at the proposition, particularly in light of last year’s revenue fall of 17 percent and the resulting rise of net debt to 100 million pounds.

For former THG non-executive McDonald, meanwhile, it marked the second time he has survived an apparent shareholder revolt, having last year already faced a 23.73 percent opposition from shareholders.