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EDITORIAL: Christo Wiese looms large over Shoprite discord

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Fractured board is more likely to distract management than provide the support it needs

Shoprite CEO Pieter Engelbrecht is doing remarkably well with the extremely difficult situation facing the group. It’s not just that the SA economy is struggling through the toughest conditions in decades, trading in the rest of Africa has been hit by the consequences of weak commodity prices, forcing management to implement some tough cost-cutting measures.

Ahead of the AGM Shirley Zinn, who was appointed to the hot seat just six months ago, had assured minority shareholders she took her role very seriously. In the context of Shoprite’s control structure this is a particularly significant commitment. The retail giant is obliged to have a lead independent director because Wiese, chair for almost four decades, controls 42% of the votes.

That transaction, in which Wiese would have sold his deferred shares to Star for R4bn, appeared to self-destruct when news broke of “accounting irregularities” at Steinhoff.

 

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