Steinhoff delays directors' pay vote
The embattled retailer says the board members who were to receive additional payments do not want the matter pursued at the coming AGM
Facing a shareholder revolt at its annual general meeting (AGM) on April 20, Steinhoff International issued a statement on Thursday morning saying a controversial payment for the directors who failed to spot former CEO Markus Jooste’s accounting shenanigans had been removed from the agenda. Steinhoff acting chair Heather Sonn objected to an earlier version of this article that interpreted the deletion of the resolution on supervisory board member remuneration as meaning directors intended to sidestep shareholder approval. Shareholders will vote on directors' pay proposed by the remuneration committee voted in at the coming AGM when Steinhoff holds its next AGM, which is tentatively scheduled for March 2019. She along with fellow supervisory board members Johan van Zyl and Steve Booysen will work "at risk" until their remuneration is voted on by shareholders in a year's time. Steinhoff's letter to Business Day. Sonn also objected to the pay Steinhoff directors originally intended to ...
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