Today's Labour News

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SteinhoffMoneyweb writes that Steinhoff’s proposal to pay five current and former (non-executive) directors sizeable once-off payments in lieu of the “additional work undertaken during the period since the accounting irregularities were identified in December 2017” is outrageous.  

It wants to pay Steve Booysen and Heather Sonn €200,000 (±R2.9m) each, and Johan van Zyl €100,000 (nearly R1.5m).  Booysen is head of the audit and risk committee, while Sonn has been acting chairperson since Christo Wiese stepped down in December 2017.  Separately, the three independent directors were appointed members of an independent board subcommittee in early December.  Shareholders have been asked to vote on the proposal at the company’s AGM on 20 April.  Rather shrewdly, the proposed extra payments and the standard remuneration for members of the supervisory board have been lumped together in a single resolution, which is thus unlikely to be voted down.  The fundamental problem is said to be that these are directors with fiduciary duties, not external professional consultants, and the fraud happened on their watch.  Particularly galling is said to be the proposed extra payment to Booysen, who was and continues to be the chair of Steinhoff’s audit and risk committee.

  • Read this report by Hilton Tarrant in full at Moneyweb

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