Boohoo withdraws £1m bonuses for bosses following shareholder revolt

Boohoo decided not to give £1 million bonuses to its top executives after facing criticism from shareholders. The bonuses were supposed to go to co-founder Mahmud Kamani, Carol Kane, and CEO John Lyttle, but they missed financial targets. The company's net debts increased to £95 million, and losses widened by 76% to £160 million. Shareholders were unhappy about the bonuses being awarded despite the company's poor financial performance. The decision to cancel the bonuses was made after shareholders expressed their concerns. The company's remuneration committee had initially planned to award the bonuses to motivate and retain the management team. However, after discussions with shareholders, Boohoo decided not to go ahead with the bonuses. This move came after reports that major shareholders were furious about the bonus scheme changes. The cancellation of the bonuses means that Kamani will receive just under £503,000, Kane just under £524,000, and Lyttle £713,175 for the year. This decision follows previous disputes between Boohoo's founders and shareholders over bonus payouts. Last year, shareholders narrowly approved a growth share plan that could have led to significant payouts to executives if certain conditions were met. Boohoo is now facing a potential shareholder revolt over its bonus plans. The company's revenue dropped by 17% in the latest financial year, resulting in a loss of nearly £160 million. Shareholders are planning to vote against awarding bonuses to the top executives at the upcoming annual general meeting.