Absa Group said in its annual report that its CEO since June last year Kenny Fihla had provided strong directional leadership of the group since joining in June 2025.
Absa Group’s annual meeting took a surprising turn when a resolution on the remuneration of non-executive directors failed to pass muster with shareholders at the AGM, while all the other resolutions were passed.
The results of the AGM Tuesday showed that the resolution for the endorsement of the special resolution for the approval of non-executive director remuneration was only passed by shareholders holding 56.63% of the shares; 43.37% of the shares voted against the resolution. Additionally, shareholders with 10.88% of the shares voted against the non-binding advisory vote on the endorsement of the remuneration policy.
Absa stated that as a result of there being more than 25% of the votes exercised against the non-binding advisory vote number 2 on non-executive directors, shareholders would be invited to raise their concerns or recommendations on remuneration implementation.
Shareholders often vote against resolutions on director remuneration, and this often results in changes to associated policies being implemented. Shareholders approved all Absa’s remuneration proposals at the previous year’s AGM.
