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Cape Town - Absa Group [JSE:ASA] CEO Maria Ramos' pay fell 19% to R16.7m compared to the previous year, as she decided to forfeit her bonus due to "disappointing" 2012 results.
Absa's annual report published on Tuesday shows that both Absa CEO Maria Ramos and former deputy CEO Louis von Zeuner decided to forgo consideration for an annual bonus, in light of the 2012 financial performance.
"The group chief executive and deputy group chief executive asked to forgo consideration for an annual bonus, in light of 2012 financial performance," Brand Pretorius, chairperson of the remuneration committee, wrote in his report.
CEO Maria Ramos received a fixed salary of R6 065 600 for the year.
In addition, she received a pension of R492 593, benefits of R99 488 and a long-term incentive programme award with an initial value at R10m. This award has a maximum potential value of R30m (before movements in share price), subject to performance conditions.
Romas wrote in her report: "Though 2012’s results certainly were disappointing, it is important to acknowledge the progress we have made during the year in building a platform that allows us to grow our business sustainably going forward."
Addressing a presentation of the group's results in February‚ Ramos said: "We are reporting disappointing results. Our numbers reflect a difficult year."
Ramos joined Absa as group chief executive in March 2009, and is a member of the Barclays executive committee.
She was the director general of the National Treasury before being appointed as the group chief executive of Transnet. Absa deputy CEO Louis von Zeuner, who resigned at the end of last year, received a fixed salary of R3 906 280, that included a pension of R322 222 and other benefits of R195 504, which brings his total remuneration to R4 424m.
Looking forward, the bank said "2013 is going to be a watershed year for our One Africa strategy".
The One Africa strategy focuses on broadening Absa’s services in leading markets and investing in new geographies.
The report covered the period 1 January to 31 December 2012.
Click image to view the pay package of Ramos:
Click image to view pay package of von Zeuner:
- Fin24
Absa's annual report published on Tuesday shows that both Absa CEO Maria Ramos and former deputy CEO Louis von Zeuner decided to forgo consideration for an annual bonus, in light of the 2012 financial performance.
"The group chief executive and deputy group chief executive asked to forgo consideration for an annual bonus, in light of 2012 financial performance," Brand Pretorius, chairperson of the remuneration committee, wrote in his report.
CEO Maria Ramos received a fixed salary of R6 065 600 for the year.
In addition, she received a pension of R492 593, benefits of R99 488 and a long-term incentive programme award with an initial value at R10m. This award has a maximum potential value of R30m (before movements in share price), subject to performance conditions.
Romas wrote in her report: "Though 2012’s results certainly were disappointing, it is important to acknowledge the progress we have made during the year in building a platform that allows us to grow our business sustainably going forward."
Addressing a presentation of the group's results in February‚ Ramos said: "We are reporting disappointing results. Our numbers reflect a difficult year."
Ramos joined Absa as group chief executive in March 2009, and is a member of the Barclays executive committee.
She was the director general of the National Treasury before being appointed as the group chief executive of Transnet. Absa deputy CEO Louis von Zeuner, who resigned at the end of last year, received a fixed salary of R3 906 280, that included a pension of R322 222 and other benefits of R195 504, which brings his total remuneration to R4 424m.
Looking forward, the bank said "2013 is going to be a watershed year for our One Africa strategy".
The One Africa strategy focuses on broadening Absa’s services in leading markets and investing in new geographies.
The report covered the period 1 January to 31 December 2012.
Click image to view the pay package of Ramos:
Click image to view pay package of von Zeuner:
- Fin24
