Absa CEO foregoes bonus

Absa CEO Maria Ramos

Absa CEO Maria Ramos

Business Day has reported on Wednesday that the ABSA CEO Maria Ramos will not receive a bonus this year, this followed after a nine percent decline in ABSA’s 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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