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
She did not say if other Absa executives would forgo their
"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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