// Boohoo Group increases baseline salaries of 4 executive directors and 5 non-executive directors
// The base salary of founders Mahmud Kamani and Carol Kane rose 3.5% to £450,000 in the year to February 28
// Boohoo will link senior executive director bonuses to its environmental, social and governance improvements
Boohoo Group has increased the baseline salaries of four executive directors, including founders Mahmud Kamani and Carol Kane, and five non-executive directors.
The base salary of Kamani and Kane increased by 3.5 per cent to £450,000 in the financial year to February 28, while Boohoo chief executive John Lyttle’s salary rose 3.7 per cent to £615,000, and chief financial officer Neil Catto’s salary rose to £300,000 from £294,833.
The group also confirmed that it will link senior executive director bonuses to its environmental, social and governance (ESG) improvements. The bonuses remain unchanged compared to the previous year.
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Boohoo’s five non-executive director had their base salaries increase by a total figure of eight per cent to £277,051 with individual salaries ranging between £60,000 to £126,859.
As was the case in the previous year, none of the five non-executive directors received a bonus.
The Environmental Audit Committee (EAC) made the recommendation to link senior executive director bonuses to its ESG improvements in a letter to the group following an evidence session in December.
The committee said aligning executive remuneration to ESG improvements would demonstrate a “genuine commitment to environmental and social responsibility”.
“We have redesigned the executive directors’ remuneration policy to align the interests of the executives with stakeholders, including the introduction of performance conditions linked to ESG criteria,” Kamani said.
“This is an important part of the board’s response to the findings of the Independent Review and the successful implementation of the corporate governance aspects of our Agenda for Change programme.”
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