Today's Labour News

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SteinhoffBusinessLive reports that Steinhoff scored a brief public relations victory on Thursday, when it said it was shelving plans to seek shareholder approval for controversial once-off payments to members of its supervisory board at its AGM.  

The pay plan had been met with howls of derision in the light of the enormous loss suffered by shareholders thanks to the collapse of Steinhoff’s share price due to an accounting scandal.  But the excitement abated when shareholders realised the retailer was not scrapping the plan, but would be putting it to shareholders later.  Analysts said the move seemed to be based on the belief that shareholder indignation would abate in the coming months.  The DA’s David Maynier described the move as nothing more than a tactical retreat and added:  "The fact is the remuneration proposals are grotesque and should have been withdrawn completely."  Steinhoff said on Thursday that the members of the supervisory board who were due to receive the payments for additional work, namely Johan van Zyl, Heather Sonn and Steve Booysens, had requested that the matter be decided by the newly constituted supervisory board (i.e. board) and its remuneration committee.  But, whatever decision is made would have to be approved by shareholders before any payments could be made.  

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