Steinhoff International chairwoman Heather Sonn faces the furniture retailer’s angry shareholders at the Sheraton Amsterdam Airport Hotel and Conference Center on Friday. Steinhoff’s annual general meeting (AGM) is scheduled to commence at 1pm South African and Netherlands time. African Rainbow Capital co-CEO Johan van Zyl resigned from Steinhoff’s board on Wednesday, leaving Sonn and Steve Booysen to face shareholder wrath. The trio angered Steinhoff shareholders by not only failing to police former CEO Markus Jooste, but then asking for €200,000 pay for Sonn and Booysen, and €100,000 for Van Zyl, for the work required since the accounting scandal was admitted on December 6 because they did not do their jobs properly in the first place. The outcry following this request prompted Sonn to postpone the vote on this resolution until next year’s AGM. Since reaching a low of R2.01 on Tuesday, Steinhoff’s share price has rebounded 21% to R2.44 in the three days leading up to the AGM. But ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.