Biggest Steinhoff shareholder is said to oppose two directors

Steve Booysen (Photo:Nellie Brand-Jonker)
Steve Booysen (Photo:Nellie Brand-Jonker)

Johannesburg - Steinhoff International’s biggest shareholder opposed the reappointment of Steve Booysen and Angela Kruger-Steinhoff to the crisis-hit retailer’s supervisory board, according to a person familiar with the matter.

Booysen, who’s been on the board since 2015 and heads Steinhoff’s audit and risk committee, was retained at the company’s annual general meeting on Friday for a further four-year term with 56% of the vote. Kruger-Steinhoff, the founder Bruno’s daughter, got 59% support. These were the lowest acceptance rates of any of the proposals put to shareholders on the day.

The Public Investment Corporation, Africa’s biggest money manager, voted against both reappointments, said the person, who asked not to be identified as the company’s position is private. The administrator of South African government pension funds holds 7.2% of Steinhoff, according to data compiled by Bloomberg.

The owner of Conforama in France and Mattress Firm in the US on Friday faced investors for the first time since reporting a hole in its accounts in December, which caused the stock to crash by 95%.

Senior management gave an update on the state of the retailer’s finances and took questions on everything from how they failed to spot the malpractice to the reappointment of auditor Deloitte.

Chairperson Heather Sonn appealed for shareholder support ahead of a debt restructuring plan that will be put to lenders in May. She pledged to reinstate trust in the retailer and said all board members have agreed to quit immediately if they are implicated in any wrongdoing.

A PIC spokesman didn’t immediately respond to a request for comment. 

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.63
(-0.14)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.78
(-0.04)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.02)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 929 votes
It depends on how the funds are used.
74% - 6241 votes
No. We should have gotten the loan elsewhere.
15% - 1284 votes
Vote