LONDON - boohoo Group plc (AIM: BOO), a prominent online fashion retailer, announced the results of its recent General Meeting, revealing that shareholders have decisively voted against a proposal from Frasers Group plc to remove Mahmud Kamani, the company's Founder and Group Executive Vice Chair, from the board of directors.
During the meeting, which took place today, 63.17% of the votes cast opposed the resolution to dismiss Kamani, with only 36.83% in favor. The total votes represented 79.67% of the company's Issued Share Capital, with a minor fraction of votes withheld.
Tim Morris, boohoo's Independent (LON:IOG) Non-Executive Chair, expressed gratitude towards the shareholders for their "overwhelming support," interpreting the vote as an affirmation of the board's direction. He also referenced a previous attempt by Frasers in December to disrupt the company, which was similarly rejected by shareholders.
Dan Finley, CEO of boohoo Group, echoed Morris's sentiments, indicating a desire to move past these challenges and focus on enhancing shareholder value.
The context of this corporate clash stems from Frasers Group owning a significant stake in boohoo, with 399,773,352 ordinary shares. Despite this, the majority of boohoo's investors, excluding those associated with Frasers, have consistently supported the current board.
boohoo Group, known for its fashion-forward and inclusive approach, has been expanding its digital marketplace since the acquisition of Debenhams in 2021. The company has been emphasizing a technology-driven strategy to boost efficiency and drive sustainable growth, primarily targeting the UK and US markets.
This news is based on a press release statement and reflects the latest developments in the ongoing corporate governance saga at boohoo Group plc.
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