Union to demand that Steinhoff appoint new board at AGM

Cape Town – The Federation of Unions of South Africa (Fedusa) announced on Thursday that it will picket the annual general meeting of retail conglomerate Steinhoff to demand the appointment of a new board. 

Steinhoff, whose stock has fallen by over 95% since its CEO Markus Jooste stepped down amid an accounting scandal in December, is holding its AGM in the Netherlands on Friday. It will be live-streamed to a venue in Cape Town, which Fedusa said it would picket. 

The embattled conglomerate is expected to give its shareholders an update on the status of an independent investigation into its financials on Friday. Shareholders will also vote on the composition of the group's supervisory board. 

On Thursday Johan van Zyl stepped down from the board with immediate effect. He said he would not be putting his name up for re-election on Friday.   

“My decision to resign before the AGM is the result of the company now building for the future, confidence following the board meeting with the Supervisory Board nominees in attendance and the fact that the Independent Committee, which I chair, has finished its work and is no longer required with the imminent appointment of the new board members," said Van Zyl, the former group CEO of Sanlam, in a statement.

Steinhoff [JSE:SNH] was trading at R2.51 a share at 14:27 on Thursday, up 2.5% on the day. 

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