Steinhoff supervisory board member Johan van Zyl — who with Steve Booysen and chairwoman Heather Sonn have tried to salvage the group in the wake of revelations of gross accounting irregularities — has come out in defence of proposals for the three to be paid up to €200,000 extra for their work since December’s meltdown. "There are different views in the board on this issue. The one view is that people should be remunerated fairly and what is on the table is fair," Van Zyl said last week. Steinhoff proposes to pay supervisory members €100,000 each for the 2018 year, with €130,000 for the deputy chairman and €300,000 for chairwoman, Sonn. The proposal that Booysen and Sonn receive an extra €200,000 and Van Zyl an extra €100,000 for "additional work undertaken" since December has been met with howls of derision by the market, in the light of the R300bn loss suffered by shareholders thanks to the collapse of Steinhoff’s share price. Taxpayers, too, will ultimately end up on the hook fo...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now