Boohoo has blocked shareholders from voting on executive pay this year, a move aimed at disarming a revolt by its largest investor Mike Ashley. In its annual report, the company, which rebranded as Debenhams last year, said it would not put pay to a shareholder vote because of a significant investor seeking to disrupt its growth strategy, believed to be a reference to Ashley's Frasers Group, which holds a nearly 27 percent stake. Frasers Group was among 40 percent of shareholders who voted against Boohoo's remuneration policy last year, and two advisory firms urged rejection of a 2 million pound cash-and-share bonus for chief executive Dan Finley. Boohoo also sidelined shareholders in November on a proposed bonus scheme that could see Finley pocket 150 million pounds if he meets share price targets, while his base salary of 650,000 pounds will remain level next year. The retailer's full-year revenue dropped by a quarter to 917 million pounds, with pre-tax losses narrowing to 109 million pounds from 353 million pounds.
Frasers Group PLCBoohoo blocks shareholder vote on executive pay to disarm Mike Ashley's Frasers Group revolt, undermining Frasers' influence as largest investor.
BOOHOO GROUP PLC