Proxy advisor backs Boohoo’s call to vote against Frasers’ resolutions

Boohoo has stated that an independent proxy adviser has backed its position for shareholders to vote against a resolution brought forth by Frasers Group, which is seeking the removal of Mahmud Kamani as a director.

In making its recommendation, Glass Lewis is believed to have recognised the initiation of “significant actions” by Boohoo in recent months, including the launch of a business review and a slew of leadership changes, among other factors.

The firm therefore concluded that these changes “should enable the company to retain Kamani’s institutional knowledge and expertise while empowering new leadership to undertake initiatives that will likely be needed to improve the company’s performance”.

The meeting, which had been requisitioned by Frasers Group last year, is due to take place 21 January, 2025, and will require shareholders to vote on whether or not to remove Boohoo founder Kamani as a director of the business.

Kamani’s removal was one of the resolutions raised by Frasers back in November 2024, when the group, a majority shareholder of Boohoo, set about calling for a leadership overhaul at the fast fashion giant following a string of lacklustre financials.

While in mid-December, Boohoo shareholders had ultimately voted against Frasers’ other proposals–appointing Frasers founder Mike Ashley and Mike Lennon to the Boohoo board–the group continued to underline its little faith in Kamani as a director.