South African Finance Minister Malusi Gigaba on 15 December 2017, meet with various stakeholders to discuss developments at retail holding company Steinhoff International.
The Minister’s meeting will include the CEO Initiative Manufacturing Circle, Johannesburg Stock Exchange (JSE), Government Employees Pension Fund (GEPF), Public Investment Corporation (PIC), South African Revenue Service (SARS), Financial Service Board (FSB), and the Independent Regulatory Board for Auditors (IRBA).
The meeting, which took place behind closed doors, at the JSE in Johannesburg, follows revelations of accounting irregularities at Steinhoff which led to the resignation of its Chief Executive Officer, Markus Jooste.
The company announced the resignation of Dr Christo Wiese, Chairman of the Supervisory Board and Delegated Supervisory Chairman.
“Wiese offered to resign from the Supervisory Board. Dr Wiese made this offer in order to reinforce the independent governance of the company of which he is a major shareholder. In addition, given the family relationship, Mr Jacob Wiese has also offered his resignation which has been accepted,” said the company.
Previously, Gigaba had called on corporates to maintain a high standard of corporate governance.
Gigaba said he supports the decision by the FSB to institute an independent investigation into Steinhoff.
In addition, the Department of Trade and Industry and the Companies and Intellectual Property Commission (CIPC) announced that they would launch an investigation into allegations against retail holding company.
Meanwhile, the GEPF has moved to assure its members that their pensions are safe. It said that it remains financially healthy due to its diversified nature.