Shareholder indignation as Steinhoff's executive-fee plan put on ice

Steinhoff scored a brief public relations victory on Thursday, when it said it was shelving plans to seek shareholder approval for controversial one-off payments to members of its supervisory board at its annual general meeting. But the excitement abated when shareholders realised Steinhoff was not scrapping the plans, but would be putting them to shareholders later. There also appears to have been opposition to the proposed reappointment of Steve Booysen, Heather Sonn, Johan van Zyl and Angela Kruger-Steinhoff to the supervisory board, and to the reappointment of Deloitte. Analysts said the move on remuneration seemed to be based on the belief that shareholder indignation would abate in the coming months. David Maynier, DA shadow minister of finance, described the move as nothing more than a tactical retreat. "The fact is the remuneration proposals are grotesque and should have been withdrawn completely." He said the proposal to increase the remuneration of certain independent dire...

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