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Boohoo shareholders urged to reject Frasers’ proposal to remove Mahmud Kamani

Boohoo shareholders urged to reject Frasers’ proposal to remove Mahmud Kamani

Independent proxy advisor Glass Lewis has recommended Boohoo shareholders vote against the resolution at its upcoming general meeting which seeks to remove Mahmud Kamani as a director.

Glass Lewis said it recognised that the Debenhams owner “has initiated significant actions” in recent months including undertaking the business review, strengthening its balance sheet, and introducing leadership changes.

Last year, Boohoo Group appointed Dan Finley as its new CEO and promoted non-executive director Tim Morris to the position of independent chair in November.

The company also transitioned Kamani from executive chair to executive vice chair.

Glass Lewis concluded that the changes “should enable the company to retain Mr 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 update comes as shareholders are set to vote over whether Kamani’s removal, proposed by Frasers Group, at a general meeting on Tuesday (21 January).

Boohoo and Frasers group have been embroiled in an ugly battle of late, following Frasers’ attempt to appoint Mike Ashley and restructuring expert Mike Lennon to Boohoo’s board.

Last week, Boohoo accused Frasers Group of attempting to “destabilise” its plans in a letter to shareholders ahead of the vote on whether Kamani be removed as a director.

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