Fin24 reports that Steinhoff has scrapped a proposal to vote on once-off payments of between €100,000 (R1.46m) and €200,000 (R2.92m) to three of its senior board members at its upcoming Annual General Meeting (AGM).  

In a shareholder announcement on Thursday morning, the global retailer said that the part of the resolution relating to the proposed additional once-off payments for additional work rendered would be deleted.  "The supervisory board members who were to receive these additional payments have requested that such matters are not pursued at the coming AGM.  They believe that these matters should be left to a newly constituted supervisory board which will be appointed at the AGM, and specifically its remuneration committee, to resolve at an appropriate time in the future," the announcement indicated.  The payments had been proposed for the "extraordinary time commitments" of the three board members since December 2017, when the group's former CEO Markus Jooste resigned amid an accounting scandal.

• Read this report by Jan Cronje in full at Fin24
• Read too, Let directors reward themselves, Steinhoff tells shareholders, at BusinessLive

Get other news reports at the SA Labour News home page