Steinhoff shows investors the middle finger
The retailer has sidestepped a resounding ‘no’ to its remuneration plan by issuing millions of so-called phantom shares to its top executives
The relatively few Steinhoff shareholders who bothered to attend the group’s recent AGM left little doubt they were unhappy with the global retailer’s approach to rewarding its two top executives.
Of the 19% who attended, 65.13% voted against the remuneration report. And in case that message wasn’t clear enough, they also voted (55.39%) against the proposal to change the remuneration policy applicable to its top two executives as well as against (51.51%) the proposal to approve an amended share plan for them...