AbsaMoneyweb reports that Maria Ramos, who retired as Absa Group CEO at the end of February 2019, was paid R3.8 million for her two months’ work in 2019 at the banking group.  

This was comprised of R1.6 million for her salary (plus smaller contributions in respect of medical aid and retirement benefits) and R2.1 million in “other employee benefits”, including leave pay.  Consistent with the group’s policy on retirement, Ramos was granted eligible leaver status on her unvested restricted shares, deferred short-term incentive and long-term incentive awards.  All awards subject to eligible leaver treatment remain in the respective plans until the originally scheduled vesting dates.  This means that on leaving the bank, Ramos had outstanding awards totalling R54.7 million (but, given that there was no disclosure beyond her retirement at the end of February, some of these shares may have vested during 2019).  While performance conditions related to the 2017 long-term incentive award ran to the end of 2019, the separation from Barclays will only be substantially complete by June.  This means final vesting will only happen in July.  New CEO Daniel Mminele, who was appointed from 15 January, will receive the following remuneration this year:  A cost-to-company package of R9 million; a long-term incentive award, to be made this month, of R15 million, subject to “group performance conditions” between now and the end of 2022; and an on-target award of R15 million for this year’s “short-term incentive arrangements”.  There were no sign-on or buy-out awards applicable as a result of Mminele joining the group.

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