Executive directors and prescribed officers of the Absa Group have decided to forego 33 percent of their salaries for three months.
Photo: Absa Group.
Executive directors and prescribed officers of the Absa Group have decided to forego 33 percent of their salaries for three months. Photo: Absa Group.

Absa executive directors and prescribed officers forego 33% of pay for three months

By Dhivana Rajgopaul Time of article published Apr 13, 2020

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DURBAN - Executive directors and prescribed officers of the Absa Group have decided to forego 33 percent of their salaries for three months and will instead donate the money to public efforts to combat the coronavirus. 

These are the Group Chief Executive, Daniel Mminele, the Deputy Group Chief Executive, Peter Matlare, the Finance Director, Jason Quinn, the Chief Executive of Retail & Business Banking SA, Arrie Rautenbach, and the Chief Executive of Corporate and Investment Banking, Charles Russon.

The money that the executives will forego 33 percent will be donated to both the Solidarity Fund as well as the Absa’s Covid-19 community support programmes. Colleagues at all levels of the organisation will be encouraged to consider making donations in line with their own personal circumstances.

"Having made an initial contribution of R10 million to the Solidarity Fund, and to other programmes across several countries in which we operate, and delivered comprehensive customer relief programmes, the Absa Group is also in the process of expanding our efforts to make further contributions in all the markets in which we have a presence. The scale of the challenge requires that we work together to find solutions that can help us fight this massive threat to public health and our economic prospects," said Daniel Mminele, Group Chief Executive of Absa Group.

Last month the bank announced an initial donation of R15 million towards various initiatives aimed at dealing with the impact of Covid-19 in South Africa.

R10 million will go to the Solidarity Fund, and a further R4 million to civil society organisations involved in the fight against the pandemic, and R1 million for a range of preventative, protective and vaccine research initiatives.

BUSINESS REPORT ONLINE

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