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Business Report writes that Steinhoff International increased the basic salary of its chief executive Louis du Preez by 10.83% to €1.33 million (R24.22m) for the year to end September 2020, up from €1.2m the previous year.
This was disclosed by the retailer in its annual report released on Friday. The leadership of Steinhoff has had to steer the company after the fallout from an accounting fraud in 2017 destabilised the company, which is still facing litigation, and has led to it selling assets and streamlining its portfolio. Du Preez's total remuneration also increased to €3.45m, up by 26% compared to the €2.72m he earned a year earlier. His total remuneration was made up of the €1.33m salary, a pension of €54,000, accrued annual bonus and long-term incentive of €1.53m, annual leave paid out of €116,000 and an annual bonus of €415,000. The group's chief financial officer Theodore de Klerk took home a total remuneration package of €2.88m during the year, up from €2.10m compared to a year earlier. The executive remuneration and annual reports were released together with the group's trading performance for the first quarter to end December. The group said it faced ongoing challenges from the Covid-19 pandemic as differing levels of trading restrictions were once again imposed on a number of its businesses at various times.
- Read the full original of the report in the above regard by Sandile Mchunu at Business Report
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