Today's Labour News

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SteinhoffBusinessLive reports that Steinhoff supervisory board member Johan van Zyl has come out in defence of proposals for himself, Steve Booysen and chairwoman Heather Sonn to be paid up to €200,000 (about R3.2m) extra for their work since the global retailer’s December’s meltdown.  

"There are different views in the board on this issue.  The one view is that people should be remunerated fairly and what is on the table is fair," Van Zyl said last week.  He went on to explain:  "If we don’t do that, all the new directors that we have on board will simply disappear.  I spoke to over 40 people and I barely scraped together five who were willing to take on this job.  If people are not paid to work, why would they do it?  This is my own view."  The pay proposal been met with howls of derision by the market, in the light of the R300bn loss suffered by shareholders thanks to the collapse of Steinhoff’s share price.  Taxpayers, too, will ultimately end up on the hook for former CEO Markus Jooste’s misdeeds as the Government Employees Pension Fund (GEPF) is a defined-benefit scheme and it owned about 10% of the company’s shares through the Public Investment Corporation (PIC).  Capicraft’s Drikus Combrinck said investors were misdirecting their anger, saying:  "You have to put yourself in the shoes of the exco: you have to keep a team motivated."  The pay proposals will be considered at the company’s AGM on 20 April 2018 in Amsterdam.

  • Read this informative report by Giulietta Talevi in full at BusinessLive


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