JOHANNESBURG - Absa has moved to reassure investors after facing criticism over the pay package of its new CEO.
The bank has met with shareholders following concerns over CEO Kenny Fihla's remuneration of nearly R150-million.
The backlash comes as South Africa prepares to introduce tougher disclosure rules on executive pay at listed companies.
Almost 43 percent of shareholders voted against Absa's executive remuneration policy at the group's annual general meeting.
The bank says the package included a once-off buyout to compensate Fihla for incentives he forfeited when leaving Standard Bank.
Absa says the payment was a necessary investment to secure Fihla as it pursues its pan-African growth strategy.