FirstRand, owners of FNB, Rand Merchant Bank (RMB) and WesBank said today, the group’s CEO, chief operating office and chief financial officer had taken a 30% salary cut for three months – following the example set by cabinet this week.
FirstRand CEO, Alan Pullinger, said the group wanted to demonstrate unity with the president Cyril Ramaphosa and his ministers, who on Thursday night, made the same pledge.
“The president’s request is meaningful, and we believe he is right to ask business leadership to step up and make the same sacrifice, particularly given what is at stake for our country,” Pullinger said.
He added that executives at FNB, WesBank and RMB will also take similar cuts to their salaries.
President Ramaphosa took the nation by surprise this week when he said ministers, their deputies and premiers would donate 33% of their salaries to the Solidarity Fund set up by government raise funds to fight COVID-19 – he also urged business leaders to do the same.
FirstRand, the biggest bank in South Africa by market capitalisation said proceeds will be directed to FirstRand’s SPIRE fund, which, together with the Solidarity Response Fund and other industry initiatives, is focused on accelerating South Africa’s COVID-19 critical care capacity, including the provision of protective equipment to healthcare workers.
Retail giant Woolworths’ senior management this week also took a 30% salary cut.
