Boohoo demands Revolution explains how bosses landed £2m share awards
Boohoo Demands Revolution Beauty Explains How Bosses Raised £2M In Shares Without Investor Approval
Boohoo has demanded that Revolution Beauty explain why it handed out more than £2 million in share prizes to its bosses without investors’ approval.
The battle between the two retailers reached a boiling point after makeup brand Revolution Beauty defied a shareholder vote and reinstated its leadership team.
It led to his shares returning to the AIM market after a suspension was lifted. Stock options were granted to CEO Bob Holt, CFO Elizabeth Lake and 16 employees.
Unapproved: Revolution Beauty’s highest shareholder, Boohoo, has questioned why the struggling beauty company’s bosses got more than £2m in share awards
Holt and Lake were paid around £2.1 million together, fashion retailer Boohoo said, calling for full details to be published.
Lindsey Stewart, director of investment stewardship research at Morningstar, said: “The battle will make investors rethink governance standards at AIM-listed companies.
And while Boohoo is rightly concerned, Boohoo has made headlines in recent years for deep concerns about governance arrangements and oversight of working conditions.”