// Boohoo faces shareholder revolt after advisory firms, including Glass Lewis, recommends investors reject pay report
// The firms have voiced concerns about executive bonuses after the retailer racked up losses of over £90m
Boohoo is facing a shareholder revolt at its next investor meeting after advisory firms opposed its executive bonuses.
Institutional Shareholder Services (ISS) has urged investors to reject the retailer’s pay report at its upcoming annual general meeting (AGM) on Thursday after its leadership team was awarded bonuses for the year to February 2023.
Boohoo chief executive John Lyttle was handed a £650,000 bonus last year, making his total pay packet £1.39m, despite the group racking up losses of over £90m.
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Another advisory firm, Glass Lewis, also raised concerns that new chief financial officer Shaun McCabe had a base salary “significantly higher” than his predecessor Neil Catto.
“There is no compelling rationale for this adjustment, taking into account overall performance,” ISS said.
Boohoo plunged to a pre-tax loss of £90.7m its latest full-year results due to weakened consumer demand as shoppers pulled back on spending amid the ongoing cost-of-living crisis.
The fast fashion retailer said that despite plummeting profits it had made ”significant progress” in its priorities for returning to growth and had reduced its inventory level by 36% on last year.
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