COMPANY COMMENT:
Steinhoff dithers while directors wait for pay
Results of Steinhoff annual meeting in March 2017 reveal that 99.62% of shareholders approve 2017 remuneration for the supervisory board
It’s difficult to imagine what Steinhoff has achieved by postponing the inevitable shareholder vote on payments to its nonexecutive directors. It may be that having engaged with top shareholders the company realised that it would not have the necessary support to get the resolution approved at the annual general meeting and had little choice other than to pull it. In SA, 75% of shareholders attending a meeting are required to approve payments to nonexecutive directors, which seems a steep threshold but to date has never been a challenge for any company. The results of the Steinhoff annual meeting in March 2017 reveal that 99.62% of shareholders approved the 2017 remuneration for the supervisory board. No payments can be made for 2018 until shareholders have given their approval. It may be that the beefed-up supervisory board, which includes two Coronation appointees, is able to persuade shareholders to approve payment at a later stage but it’s not a certainty. This will create a pre...
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