FirstRand leadership team to forego 30% of April, May and June salaries – proceeds to be redirected to social relief initiatives!
Johannesburg, South Africa (11 April 2020) – FirstRand Limited today announced that the group’s CEO, COO and CFO, and the CEOs of its largest businesses, FNB, RMB and WesBank, will forego 30% of their salaries for three months.
FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.
FirstRand CEO, Alan Pullinger, said that the group wanted to demonstrate unity with the President 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,” he said.
The 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.
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