Group to pay R3.9bn to settle another claim for damages … and a look at the remuneration of its top executives.👀 Steinhoff
to inform shareholders that a conditional agreement was reached with LSW for an amount of just more than €202 million, equal to more than R3.9 billion at the current exchange rate.
The previous owners of Tekkie Town also forced a settlement out of Steinhoff after years of litigation for compensation on the basis that Steinhoff paid for the acquisition of Tekkie Town with shares it knew were “worthless”. Many of the 21 pages of the report are dedicated to justifying executive remuneration and measuring how executives have done what was required from them. Even more of the pages discuss the attempts to replace the existing share incentive scheme with cash payments.To date, shareholders have voted down every attempt to change the remuneration policy.
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