PIC wants Absa to have transformation targets that are tied to directors’ pay

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Arrie Rautenbach, Absa CEO

THE Public Investment Corporation (PIC) says it is satisfied with Absa’s openness to engage it about its concerns regarding the level of transformation in the bank.

The state-owned asset manager, which is Absa’s second-biggest shareholder, expressed “downright disappointment” when Absa appointed a white CEO in April, having lost its first black chief after just one year.

The appointment of Arrie Rautenbach to permanently succeed Daniel Mminele, who parted ways with the bank because of clashes with the board, left not only the PIC, but many other observers questioning Absa’s commitment to transformation.

The PIC had expected Absa to focus on transformation when recruiting a new CEO to succeed Mminele. But in a statement that the asset manager asked Absa’s board to read at Friday’s annual general meeting (AGM), it said it appreciated the engagements it had had with the new chairperson and the new CEO regarding the level of transformation at Absa. -news24

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