Shameless Steinhoff board members want millions for managing crisis they created

It’s becoming clearer by the day that the rot that caused the corporate scandal at furniture retailing giant Steinhoff International goes much deeper than one man – the CEO Markus Jooste – who has come to represent the crisis.

Jannie Rossouw, Wits School of Economic and Business Sciences

The way in which Steinhoff’s board managed the unfolding of South Africa’s biggest corporate failure is appalling, says Jannie Rossouw, head of the Wits School of Economic and Business Sciences.

Jooste fell on his sword, along with a couple of other board members.

Many of them, however, have pleaded innocence.

To add insult to injury, they wanted to pay themselves millions for the extra work they did to manage the crisis they created.

According to Rossouw, board member Steve Booysen and Heather Sonn were to be paid an additional R2.9 million while Johan van Zyl would have bagged an extra R1.4 million.

Public outrage, however, forced the company to withdraw the bizarre remuneration proposal.

They must not be let off the book, implores Rossouw.

The Money Show’s Bruce Whitfield interviewed Rossouw.

Surely Markus Jooste didn’t change figures without anybody seeing him?

Jannie Rossouw, Wits School of Economic and Business Sciences

There’s no doubt… boards of public companies are responsible for published financial statements… I place the problem at the feet of board members who served at the time of the crisis…

Jannie Rossouw, Wits School of Economic and Business Sciences

At the minimum, board members should repay the fees they earned, if they claim they didn’t know what’s going on.

Jannie Rossouw, Wits School of Economic and Business Sciences

It’s time to step away, and give somebody else a chance.

Jannie Rossouw, Wits School of Economic and Business Sciences

The board members clearly don’t understand the damage they have done… It raises questions about their fitness to serve on other boards… Why would they exercise better corporate governance on other boards?

Jannie Rossouw, Wits School of Economic and Business Sciences

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Woolies launches ‘One Small Spoon’ campaign to help end hunger in South Africa

Woolies launches ‘One Small Spoon’ campaign to help end hunger in South Africa

14 million go hungry every day in SA; 33% of food produced ends up in landfills. Bruce Whitfield interviews Zinzi Mgolodela.

Take a look inside BMW South Africa’s high-tech X3 producing factory

Take a look inside BMW South Africa’s high-tech X3 producing factory

The Rosslyn plant makes 15 BMW X3 SUVs per hour for export around the world. Bruce Whitfield interviews BMW SA's, Tim Abbott.

The sun sets on Zimbabwe’s new dawn as inflation hits 155%

The sun sets on Zimbabwe’s new dawn as inflation hits 155%

Here we go again… The Money Show’s Bruce Whitfield interviews Africa Connected Host Lee Kasumba.

I worked for that money! - Robert Madzonga (VBS shareholder Vele Investments)

I worked for that money! - Robert Madzonga (VBS shareholder Vele Investments)

The Money Show’s Bruce Whitfield interviews Madzonga, who claims innocence and that Chairperson Tshifhiwa Matodzi lied to him.

Pick n Pay sells most groceries in 5 years

Pick n Pay sells most groceries in 5 years

Recession? What recession? The Money Show’s Bruce Whitfield interviews Pick n Pay CEO, Richard Brasher.

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

The Money Show’s Bruce Whitfield interviews Nkayi about her attitude to money (hopes and fears, successes and failures, etc.).

Popular articles
Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

The Money Show’s Bruce Whitfield interviews Nkayi about her attitude to money (hopes and fears, successes and failures, etc.).

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.

'The VhaVenda King is very pained by what happened to VBS and people's money'

'The VhaVenda King is very pained by what happened to VBS and people's money'

The VhaVenda King's spokesperson Mathivha Makonde says the King is calling on authorities to help him correct the wrong.

Journos provide fresh insights into the latest on state capture inquiry

Journos provide fresh insights into the latest on state capture inquiry

Journalists Karyn Maughan and Erin Bates provide insights into the state capture inquiry.

It seems that the media is pushing a certain agenda with VBS  - caller

It seems that the media is pushing a certain agenda with VBS - caller

Callers continue to share their thoughts on the VBS Bank Heist with host Sizwe Mpofu- Walsh.

C-section births have nearly double since 2000 - study

C-section births have nearly double since 2000 - study

Professor Justus Hofmeyr says there are a number of reasons why the number of c-sections has doubled.

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

Check out the videos, tweets, Facebook posts that have gone viral and why this kid cheered her dad on in the toilet.