Steinhoff Pressured to Halt ‘Unseemly’ Director-Bonus Plans
- South African lawmakers appeal to retailer to postpone bonuses
- Steinhoff’s ex CEO Jooste subpoenaed to appear in parliament
The headquarters of Steinhoff International Holdings NV stand in Stellenbosch.
Photographer: Waldo Swiegers/BloombergSteinhoff International Holdings NV, the retailer that’s lost more than 90 percent of its value since an accounting scandal erupted in December, has been urged by South African lawmakers to shelve plans to pay its directors bonuses.
This means that Steve Booysen, who has been a Steinhoff director since 2009, may not soon receive an extra 200,000 euros ($247,800). His colleagues Heather Sonn and Johan van Zyl may also have to wait for their proposed 200,000 euros and 100,000 euros bonuses respectively. Shareholders of the retailer, which has lost more than $12 billion in value, are scheduled to vote on the Frankfurt- and Johannesburg-listed company’s plans on April 20.