Today's Labour News

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SteinhoffFin24 reports that the Government Employees Pension Fund (GEPF) and its asset manager, the Public Investment Corporation (PIC), said on Wednesday that they would insist on the appointment of at least two independent non-executive directors on Steinhoff’s board following the retailer’s dramatic share price collapse.  

The slump came last week amid indications of accounting irregularities.  The GEPF, via the PIC, is the second largest investor in the retail conglomerate, and owns about 10% of its shares.  The GEPF and the PIC said they want to appoint two directors to the boards of both Steinhoff International Holdings and Steinhoff Africa Retail.  A Steinhoff spokesperson on Wednesday noted that their audit committee was working with its statutory auditors Deloitte to release its audited financial statements, which had been delayed, and that they had commissioned an investigation by PwC into the allegations of accounting irregularities.  “Until we get concrete feedback on progress from both these workstreams, we will unfortunately not be in a position to comment on any of the issues involved," a statement read.  The GEPF and PIC added that, following a meeting on Tuesday, they would also insist on representation on the company’s board committee tasked with investigating the situation.

  • Read this report by Jan Cronje in full at Fin24
  • See too, GEPF and PIC say changes required in wake of Steinhoff scandal, at EWN
  • And also, PIC chimes in on Steinhoff debacle, but gives assurance about the GEPF, at BusinessLive

Get other news reports at the SA Labour News home page