South Africa: Steinhoff International Holdings N.V. Grotesque Remuneration Proposals Should Have Been Withdrawn Completely

press release

Today, Heather Sonn, Acting Chairperson of Steinhoff International Holdings N.V., announced that section of the resolution relating to the additional remuneration of certain independent directors had been deleted ahead of the Annual General Meeting on 20 April 2018.

The sections of the resolution relate to grotesque proposals to inter alia increase the remuneration of certain independent directors, including Heather Sonn (€200 000), Johan van Zyl (€100 000) and Steve Booysen (€200 000), for "additional work undertaken", following the scandal surrounding "accounting irregularities" at Steinhoff International Holdings N.V.

However, this is simply a tactical retreat because the proposal for additional remuneration has not been withdrawn and will be referred to the new Supervisory Board, which will be appointed at the Annual General Meeting of Steinhoff International Holdings N.V. on 20 April 2018.

That the proposal to increase the remuneration of certain independent directors, who seem to have been asleep at the wheel during what may turn out to be the biggest corporate scandal in the history of this country, was made at all, was a spectacular failure of judgment.

The fact is the remuneration proposals are grotesque and should have been withdrawn completely.

David Maynier MP

DA Shadow Minister of Finance

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