Boohoo braces for shareholder revolt over executive pay

John Lyttle

Boohoo is facing a potential shareholder revolt this week over a payout to boss John Lyttle and salary increases for some of its top executives.

Advisory group ISS has told investors to vote against Boohoo’s pay policy at its AGM, according to The Sunday Times, after claiming that there was a lack of explanation for the fashion etailer’s £1m payment to Lyttle or for hefty pay increases of between 18% and 30% to other directors.

Boohoo insists the award to Lyttle, which came after he joined from Primark, was to compensate him for payments he forfeited when quitting the high street giant. Boohoo said that payment, and the reasoning for it, were both disclosed to the stock market back in July last year.

It added that other salary increases had been made after benchmarking Boohoo against companies of a similar size.

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