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GEFP, PIC want 2 independent directors at Steinhoff

The global retailer lost about 90% of its stock value on the JSE after CEO Markus Jooste stepped down amid allegations accounting fraud.

Christo Wiese. Picture: Supplied.

JOHANNESBURG - The Government Employees’ Pension Fund (GEPF) and the Public Investment Corporation (PIC) have insisted on having at least two independent directors appointed at embattled Steinhoff.

The global retailer lost about 90% of its stock value on the JSE after CEO Markus Jooste stepped down amid allegations accounting fraud.

Reuters reported on Monday that Steinhoff had regained some ground and stock jumped as much as 40% following the discovery of accounting irregularities.

Public servants benefits will not be affected, but recent developments have raised serious concerns about governance problems at Steinhoff.

Board member at the GEPF Themba Gamedze says: “As a major shareholder, he (Christo Wiese) is not only a strong board member but he is now becoming the acting chief executive, so that whole line of having shareholders being separate from the board and exco has been broken down. That is why it’s important to bring in people who see things from a completely different view.”

(Edited by Shimoney Regter)