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    BOO   JE00BG6L7297

BOOHOO GROUP PLC

(BOO)
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Delayed Quote. Delayed London Stock Exchange - 10/27 11:35:04 am
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Boohoo : links executive bonuses to supply chain issue resolution

05/19/2021 | 07:37am EDT
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration

LONDON (Reuters) - British online fashion retailer Boohoo has bowed to pressure from lawmakers to link multimillion pound bonuses for its executives to improvements in its supply chain, including workers' rights.

In September, Boohoo accepted the recommendations of an independent review which found major failings in its supply chain in England after newspaper allegations about working conditions and low pay, and set out steps to tackle the issues.

Boohoo, which sells clothing, shoes, accessories and beauty products targeted at 16- to 40-year-olds, has also faced investor criticism over a bonus scheme which would pay up to 150 million pounds ($213 million) to its founders and executives if its share price rises 66% over three years from June 2020.

Co-founder and chairman Mahmud Kamani and co-founder Carol Kane could each be in line for 50 million pounds, Mahmud's son Samir, who is CEO of BoohooMan, could be in line for 25 million while finance chief Neil Catto could get 10 million pounds.

Parliament's Environmental Audit Committee (EAC) recommended the bonuses be linked to Environmental Social and Governance (ESG) improvements following an evidence session in December, attended virtually by Mahmud Kamani and other executives.

Boohoo has accepted that recommendation.

"Whilst we ultimately believe that the full resolution (or otherwise) of these (supply chain) issues will be reflected in long-term share price performance (and thus have an impact on the value of awards) we have also agreed with participants to add a new non-financial performance condition," Boohoo's annual report, published on Wednesday, said.

Under this new target, Boohoo's remuneration committee must be satisfied that the group's "Agenda for Change" programme to fix supply chain issues has been successfully implemented over the three-year performance period before the vesting of any management incentive plan (MIP) awards.

The remuneration committee is made up of non-executive directors.

"In the event of the committee determining that the Agenda for Change programme has not been successfully implemented in full, we will have the ability to reduce the level of vesting of awards, irrespective of the share price growth achieved over the performance period," the report said.

Shares in Boohoo were down 0.6% at 0743 GMT, valuing the company at 4 billion pounds.

($1 = 0.7046 pounds)

(Reporting by James Davey; Editing by David Clarke)

By James Davey


ę Reuters 2021
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Analyst Recommendations on BOOHOO GROUP PLC
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Financials
Sales 2022 2 135 M 2 931 M 2 931 M
Net income 2022 69,8 M 95,8 M 95,8 M
Net cash 2022 160 M 219 M 219 M
P/E ratio 2022 35,5x
Yield 2022 -
Capitalization 2 364 M 3 246 M 3 246 M
EV / Sales 2022 1,03x
EV / Sales 2023 0,81x
Nbr of Employees 3 621
Free-Float 78,6%
Chart BOOHOO GROUP PLC
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Technical analysis trends BOOHOO GROUP PLC
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Last Close Price 190,85 GBX
Average target price 365,47 GBX
Spread / Average Target 91,5%
EPS Revisions
Managers and Directors
John Lyttle Chief Executive Officer & Executive Director
Neil James Catto Chief Financial Officer & Executive Director
Mahmud Abdullah Kamani Group Executive Chairman
Jo Graham Chief Information Officer
Iain McDonald Independent Non-Executive Director
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