The irony about the proposed controversial payments to the three members of the Steinhoff supervisory board — nonexecutive directors in SA parlance — is that it’s probably the only fees they actually will have earned during their time at the group. For each of the three directors involved these will be the hardest-earned fees of their nonexecutive director careers. That, of course, doesn’t make them any the more acceptable. Another irony is that the work they’re doing is likely to be aimed at rescuing their reputations as much as Steinhoff’s value. Neither is served by resolution 6. Everything about the resolution being put to shareholders at next month’s annual general meeting should cause concern. Not least of which is that it does in fact comprise a number of proposals each of which should have its own resolution. As it stands, the resolution represents a contravention of the Companies Act, which states that director remuneration can only be paid if it’s in accordance with a reso...

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