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

12 April 2020

The rapid spread of COVID-19 infections across the world is the most serious public health challenge the world has faced in decades. While social distancing and movement control measures imposed by governments are proving to be an effective tool to contain the spread of infections, it is the burden on public health systems and the materially negative impact on ordinary people that make this a potential human tragedy.

Following the commendable example set by several African heads of state and political leaders in Absa’s presence markets, who have decided to make monthly donations from their salaries to public efforts to combat the virus, the executive directors and prescribed officers* of the Absa Group have decided to make similar contributions in their individual capacities.

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.

These executives will forego 33% of their monthly salaries for the next three months and donate these amounts to both the Solidarity Fund as well as the Group’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 R10m 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.

Issued by Gugulethu Maqetuka on behalf of Absa Group, 12 April 2020