The Public Investment Corporation (PIC), which holds 8% of Steinhoff, intended to vote against the re-appointment of Johan van Zyl to the Steinhoff board at the group’s AGM in April 2018. The PIC lost about R20bn on its Steinhoff investment after startling revelations of accounting irregularities at the international furniture retailer led to a collapse in the Steinhoff share price in December 2017. However, Van Zyl, who is chair of Sanlam, controversially resigned from the board of the troubled retailer just two days before the AGM and the resolution to re-appoint him was withdrawn. Van Zyl, who joined the Steinhoff board in May 2016, issued a statement at the time saying he was stepping down to allow the global retailer to “build for the future”. The PIC, which manages about R2-trillion on behalf of government employees and other social funds, revealed in its latest proxy voting report that it opposed Van Zyl’s re-appointment because the “alleged fraud” had happened under the boar...

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