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Absa CEO to forgo bonus

Feb 13 2013 09:29

Maria Ramos. Picture: Absa

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Last Updated: 06-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Absa Group [JSE:ASA] CEO Maria Ramos will not receive a bonus this year, Business Day reported on Wednesday.

In the year to end December 2012, bonus payments at the banking group declined 23% compared to the year before.

Absa this week reported a 9% decline in earnings per share in the full year to end December 2012.

This was mainly because the bank was hit by impairments in its home loan and commercial property finance book. The home loan contracts were signed between 2006 and 2008.

Asked why Ramos was taking a knock in her bonus, she said: "What matters is we have to do the right thing. Last year's results are what they are. I am not happy with them and the shareholders are not happy with them."

She did not say if other Absa executives would forgo their bonuses.

"The fact of the matter is, impairments have impacted in a big way... everybody has taken their fair share."

She added that her leadership team included people who "held themselves accountable".

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absa group  |  maria ramos



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