Tension at Steinhoff AGM as shareholders’ patience wears thin
Annual general meeting goes on for almost five hours, irking already frustrated shareholders
Steinhoff shareholders’ patience was tested once again at an almost five-hour-long annual general meeting (AGM) on Friday. Deon Botha, head of corporate affairs at the Public Investment Corporation, expressed shareholders’ frustrations: "We’re worried the process seems to be taking so long and are concerned that the audited statements for financial 2017 will only be available at the end of the year after PwC has completed its investigation," he said after the meeting had wrapped up. Other shareholders were less restrained and after the meeting voiced outrage at what had taken place at the company over a seemingly protracted period. Shareholders approved all of the resolutions put to the meeting but the re-appointment of two of the supervisory board members came close to missing the necessary 50% vote. Steve Booysen, who has been on the Steinhoff board for a number of years, secured just over 56% support from shareholders, while Angela Steinhoff managed to get only a 59% backing. The...
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