How a hefty write-down favours top Woolworths executives
Top Woolworths executives look set to benefit from the hefty R7bn write-down of the group’s Australian subsidiary David Jones. On Friday, the group said it could not say whether the remuneration committee would change its policy to ensure executive bonuses were not boosted by the write-down. "Unfortunately, because we are in a closed period, we cannot go into this detail," said a Woolworths spokesman when asked whether the committee would adjust the remuneration policy to take the write-down into consideration. The write-down, which some analysts say may not be sufficient, is equivalent to about 16% of Woolworths’s capital employed at end-June 2017.