Boohoo has denied Mike Ashley a vote on a £150m bonus scheme for its CEO.

The retailer’s board, which was renamed as Debenhams Group earlier this year, said it planned to approve the scheme without a shareholder vote.

The move means Ashley will be unable to vote on the proposals.

Boohoo claimed that a “major competitor” and a “significant shareholder” had set out to “disrupt Debenhams Group’s growth strategy and operations” by voting against a host of measures at past shareholder meetings, in an update to its investors yesterday (27 November).

The fashion brand said that although it had previously sought shareholder support for its management bonus schemes, it thought that “approval at a general meeting would not be most likely to promote the success of the company”.

It comes as Ashley has been engaged in a dispute with Boohoo’s board and founder Mahmud Kamani, with the exec accusing Kamani of ignoring the best interests of investors and seeking to oust him and two other members of the business’s leadership team in August.

Additionally, he sought to block Boohoo’s decision to rename its company as Debenhams earlier in the year.

Under Boohoo’s proposed bonus plan, CEO Daniel Finley would be granted a maximum possible pay-out of £148.1m if the business’s share price increases from 10.5p to £3 during the next five years, and is kept at £3 during the last three years.

It would come under a wider bonus scheme where senior leaders share up to £222m if they can rebuild the retailer’s valuation from £145m to £4.2bn.

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