Boohoo co-founder Kane wins shareholders’ vote on re-election to board
(Photo by BEN STANSALL/AFP via Getty Images)
ONLINE fashion retailer Boohoo’s co-founder and executive director, Carol Kane won overwhelming support from investors for her re-election to the board on Friday (18).
Some 12 per cent of votes cast at its annual general meeting (AGM) were against the resolution to re-elect Kane, while 88 per cent were in favour.
Ahead of the AGM, shareholder advisory body Glass Lewis had urged investors to vote against the re-election, after the last year’s allegations that Boohoo failed to act quickly to stop poor working conditions at its Leicester factories.
“The board is delighted that shareholders have recognised the important and very specific role Carol has on the board with a very strong vote in her favour,” Boohoo said.
The company’s other co-founder Mahmud Kamani did not face a vote on his re-election this year.
In September, Boohoo accepted all the recommendations of an independent review that found major failings in its supply chain in England.
The group pledged to fix the problems with its ‘Agenda for Change’ programme.
Boohoo also faced investor criticism over a bonus scheme, as per which 150 million pounds will be paid to its founders and executives if its share price rises 66 per cent over three years from June 2020.
“The remuneration committee looks forward to ongoing engagement with the group’s shareholders as it continues to shape the group’s future remuneration policy,” Boohoo said.
Meanwhile, Boohoo reported a 32 per cent revenue growth in the quarter ended May, benefiting from strong demand for dresses and going-out wear after Covid restrictions eased in the UK.