Ann Crotty Writer-at-large

Shareholder concern about Len Konar’s long tenure on the Steinhoff board existed as far back as 2016, it has emerged. During the parliamentary review on Wednesday, the Public Investment Corporation (PIC) confirmed that it had voted against the reappointment of Konar, a nonexecutive director, at the group’s extraordinary general meeting in May 2016. The PIC accounted for about half of the 22% of shareholders at the extraordinary general meeting who opposed Konar’s reappointment to the board. Despite the opposition, not only was Konar reappointed but he was appointed deputy chairman of the supervisory board and secured his place on three board committees: governance and nomination, audit and risk, and human resources and remuneration. The PIC told MPs its concerns related to the fact Konar had been on the Steinhoff board since 1998. At the annual general meeting in March 2017 shareholders voted overwhelmingly in support of the group’s remuneration policy, which will give Konar fees of...

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