Boohoo has been criticised by a growing number of investors for the implementation and timing of its new bonus scheme, which could see its bosses receive a £150m payout.

The online fashion retailer’s new bonus scheme, which will pay out up to £150m to its founders and top executives if its share price rises 66% over the next three years, has been criticised by hedge fund Shadowfall.

The scheme had already come under fire from investment advisory firm Minerva Analytics and Share Action after being unveiled last Friday.

Because Boohoo is listed on the less regulated Aim market the plan is not required to go to a shareholder vote and as a result was implemented shortly after being announced last week.

Boohoo has used its average share price in the month to June 16 as its starting point for the scheme, which represents a market cap of £4.5bn and is based on its value the day before releasing a strong trading update that saw sales jump 45% to £368m and its share price climb 6.6% as a result.

Shadowfall managing director Matthew Earl said: “We believe the timing of the reference price immediately before this update is particularly odd given management’s likely awareness of the content of that trading update. Especially considering the fact that the shares rose sharply on the back of it.”

A spokesperson for Boohoo told The Times the scheme was only implemented after the company was out of its closed period on June 17 and added: “The 600p target would have remained constant irrespective of the share price being taken from the average of the 30 days to June 16 or 17. It would merely have resulted in an immaterial adjustment to the CAGR.”