Steinhoff says directors due extra pay for hard work

Frankfurt- and Johannesburg-listed company says reward is for extra work done

Steinhoff International Holdings NV, the retailer that’s wiped out more than $12 billion (Dh44 billion) of value since an accounting scandal exploded in December, plans to reward directors for having to do more work than usual.

Steve Booysen, head of Steinhoff’s audit and risk committee and part of the supervisory board’s independent committee, is due a onceoff payment of €200,000 ($247,000) “to cover the additional work undertaken during the period since the accounting irregularities were identified,” the Frankfurtand Johannesburg-listed company said on its website.

Steinhoff proposed that Heather Sonn and Johan van Zyl, also part of the independent committee, are paid an extra €200,000 and €100,000 respectively because of the “exceptional demands” being placed on them.