Steinhoff executives to cash in
Disgraced retailer may reward directors despite sinking shares
As Steinhoff's share price edges ever closer to an all-time low, the troubled retailer plans to reward its directors for doing an "exceptionally demanding" job despite the company wiping out almost €12-billion (about R174-billion) of shareholders' money in an accounting scandal last year. Steinhoff, whose share price dropped as low as R2.95 on Friday, proposed in its annual general meeting notice that its interim chair, Heather Sonn, receive €200 000 and supervisory board member Johan van Zyl €100 000 because of the "exceptional demands" of the job. According to Steinhoff's 2016 annual report, Sonn, who at that stage served as a member of the company's supervisory group, earned €9 000 a year. Van Zyl, who was also a member of the supervisory board, earned €34 000 a year. The group said the remuneration structure was determined in view of its competitors and peer companies "as well as considering the need to retain and attract supervisory directors in light of the company's situation...
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