Yahoo Finance Boohoo appoints Sir Brian Leveson to help retailer with ‘agenda for change’
Boohoo has stepped up its efforts to raise standards across its supply chain, with the appointment of a legal heavyweight to provide independent oversight of the retailer’s ‘agenda for change’ plan.
The fashion firm said retired judge Sir Brian Leveson PC will help the group deliver “long lasting and meaningful change” to its supply chain and business practices.
The ‘agenda for change’ programme, which aims to improve corporate governance and raise standards across the supply chain, came about after Boohoo earlier this year launched an independent review into its Leicester supply chain following reports of alleged low pay and unsafe conditions.
The review findings identified a number of areas where the group could demonstrate improved levels of corporate governance.
In September Boohoo said it would appoint two new non-executive directors to strengthen the board. It has made one of those appointments so far.
Meanwhile Leveson, who between 2011 and 2012 conducted an inquiry into the culture, practice and ethics of the press, will report directly to the board and his reports will be published.
Leveson said: “Boohoo has recognised that it must institute and embed change so that everyone involved in the group’s supply chain is treated fully in accordance with the law and the principles of ethical trading.”
Boohoo said KPMG has also been appointed to assist with the programme.
Mahmud Kamani, group executive chairman, of Boohoo said: “Myself and the board are fully committed to this programme, with the appointments of Sir Brian Leveson and KPMG bringing independent oversight, additional expertise and further transparency to a programme that will help us on our journey to lead the fashion e-commerce market globally in a transparent manner.”
The shares today rose 2p to 292.37p.
Analysts at Shore Capital today said: “We believe that investors in the company will welcome this big-name legal appointment as Boohoo seeks to address the fundamental changes to both its culture and operating practices."
Boohoo floated at 50p per share in 2014.
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