ANN CROTTY: Time to act on Companies Act
Steinhoff presents SA’s courts with a golden opportunity
If, as seems certain, Steinhoff makes corporate history in SA, it will not be because we have tough regulators but because the company has irritated a lot of people who are not South African. Shareholders across Europe who have taken a huge hit on the company are seeking retribution and, it seems, they have the skills and resources to find it. They are unlikely to be fobbed off with the story that Steinhoff’s demise is down to the devious workings of one man, or to be overwhelmed by legal spin designed to put distance between the company’s woes and its directors. But while the chances are the European investors will do most of the fighting, it might be that they spur on South Africans who finally seem to have reached the end of their tether. Despite us being regularly reminded that nonexecutive directors must be paid large whacks of money because of their huge responsibilities, no nonexecutive director of a listed company has faced a legal challenge, let alone jail time under the ne...
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.