Boohoo Scraps £1 Million Bonuses for Executives After Shareholder Backlash

The fashion retailer's decision follows criticism over awarding bonuses despite missing financial targets and reporting significant losses.

Boohoo's top executives were initially set to receive £1 million each in bonuses despite the company missing financial and operational targets.
Shareholders expressed strong disapproval, leading to the decision to forgo the bonus payouts.
The company reported a pre-tax loss of £150 million for the year ending February 2024, with revenues falling by 17%.
Boohoo's remuneration committee argued that the bonuses were justified by the 'excellent work' of the executives, despite the financial shortfalls.
The decision to cancel the bonuses aims to address investor concerns and restore confidence ahead of the upcoming AGM.