EDITORIAL: Steinhoff’s board an unlikely hero for accountability
The unprecedented court action by Steinhoff’s board in going to court to reclaim R870m from former CEO Markus Jooste may yet be a watershed in enforcing corporate accountability
The unprecedented court action by Steinhoff’s board in going to court to reclaim R870m from former CEO Markus Jooste may yet be a watershed in enforcing corporate accountability. As you’ll read on page 9, the retailer’s board, chaired by former investment banker Heather Sonn, has gone further than anyone expected by seeking to claw back not just bonuses, but also all salaries and share options dating back to 2009.
And as an indication of Steinhoff’s resolve, it has even gone after its former CFO, Ben la Grange, for R272m, even though he is far less implicated in the fraud than Jooste. It is a historic step. Four years ago, two executives at Distribution & Warehousing Network repaid their bonuses, after they were asked to do so by the company. But Steinhoff, the victim of the most audacious fraud in SA history, has gone further...
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