The backlash erupted at the bank’s annual general meeting, where 43.37% of shareholders voted against the implementation report detailing how Absa applied its remuneration policy during the financial year.
Under South African governance rules, a vote of 25% or more against a remuneration resolution obliges the company to engage with dissenting shareholders and address their concerns.
The revolt has thrust Fihla’s remuneration into the spotlight just months after he was recruited from rival Standard Bank, where he had built a reputation as one of the continent’s most influential banking executives.
The package behind the backlash
At first glance, the remuneration figure appears extraordinary. According to Absa’s remuneration disclosures, Fihla received total remuneration of roughly $9 million (R148 million) in 2025.
