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GEPF & PIC say changes required in wake of Steinhoff scandal

Steinhoff lost about 90% of its stock value on the JSE after CEO Markus Jooste stepped down last week amid allegations of fraud.

Former Steinhoff CEO Markus Jooste. Picture: Gallo Images/Financial Mail/Jeremy Glyn

JOHANNESBURG - The Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) have agreed that recent developments at Steinhoff require necessary changes to ensure their interest in the company.

Steinhoff lost about 90% of its stock value on the JSE after CEO Markus Jooste stepped down last week amid allegations of fraud.

While the benefits of government employees won’t be affected, it's raised serious concerns about governance at Steinhoff.

Board member at the GEPF Themba Gamedze says along with the PIC they’ll insist on the appointment of at least two independent directors to the Steinhoff board.

“If people are not independent then what tends to happen is that they all sort of become almost... a groupthink that emerges. There’s a lack of diversity, a difference of opinions and there’s too much homogeneity."

LISTEN: Lessons learned from Steinhoff collapse