Cape Town - Steinhoff is proposing once-off payments of between €100 000 (R1.46m) and €200 000 (R2.92m) to three of its senior board members to be voted on at its upcoming Annual General Meeting.
The three supervisory board members are part of an independent board subcommittee, announced by Steinhoff on December 11 2017, whose task has been to “bolster the independent governance of the group”.
The subcommittee was announced a few days after Steinhoff's former chief executive officer Markus Jooste abruptly stepped down amid an accounting scandal in early December 2017, and the firm's share price crashed.
PwC is currently conducting a forensic investigation into the Stellenbosch-headquartered firm's books.
The payments will be voted on at Steinhoff's AGM, which is set to take place in the Netherlands, where Steinhoff's parent company is registered, on April 20 2018, the retail giant said in its AGM notice.
Included in the firm’s AGM notice is a resolution that supervisory board members Steve Booysen and Heather Sonn each receive a once-off payment of €200 000, and Johan van Zyl receive €100 000.
“… it is proposed that those members of the independent committee of the supervisory board being put forward for re-appointment to the supervisory board receive a further once-off payment to cover the additional work undertaken during the period since the accounting irregularities were identified in December 2017,” states the AGM notice.
Sonn took over as the group's chairperson in mid-December after Christo Wiese stepped down.
It will be up to the group's shareholders to vote on whether the board members receive the payments.
The remuneration resolution also proposes that "in acknowledgement of the exceptional demands being placed on the supervisory board members’ time", they receive payments for meetings which take place in addition to those scheduled in the corporate calendar.
The proposed remuneration for these meetings is €4 000 (R58 400) per meeting for the board's chair, and €3 000 (R43 800) per meeting for members of the board.
Steinhoff did not respond to a request for further comment.
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