Ann Crotty Writer-at-large

Steinhoff shareholders, who face uncertainty about the future of their company as it battles costly litigation and high levels of debt, voted to give the supervisory board more authority over management at the group’s annual general meeting on Friday.

The increased power comes as the group, the share price of which collapsed amid an accounting scandal in December 2017, heads into a 16-month restructuring period that will determine whether shareholders will see any value out of their investment in the former multinational retail giant.

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