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Fin24 reports that Steinhoff's former Chief Executive Officer Markus Jooste received almost $2.4m (roughly R34m at current exchange rates) of bonuses without required approvals in the months before the global retailer almost collapsed amid an accounting crisis.
Jooste was awarded €500 000 euros on 1 March 2017 from Steinhoff’s European unit on his own instruction, according to the company’s 2017 annual report released on Tuesday. This payment was neither proposed by the human resources and remuneration committee nor approved by the supervisory board, the South African retailer reported. The ex-CEO then got a further €1.57m from the same unit on 31 May of that year, also on Jooste’s instruction. While the board had approved this amount, Jooste received the payment up front and in full, rather than over three scheduled tranches. “Management could not find evidence of approval by the remuneration committee authorizing this upfront payment,” Steinhoff indicated in the report. The ex-CEO resigned in December 2017, when the group reported accounting irregularities that went on to wipe 96% off the share price. Steinhoff has said it plans to try and retrieve certain payments made to executives.
- Read the full original of Jan Cronje’s report on this story at Fin24
- Read too, Steinhoff’s gaping R250bn hole threatens its existence, at BusinessLive
Get other news reports at the SA Labour News home page