Top execs donate portion of their salaries to Covid-19 relief fund
Financial sector executives heed the president's call to donate 30 percent of their salaries.
Some of the country’s top c-suite executives have heeded President Cyril Ramaphosa’s call to accept take pay cuts in the fight against the coronavirus.
While, according to News24, Old Mutual announced executive pay cuts to contribute to the fund on prior to the president's plea, Nedbank CEO Mike Brown was the first to act afterwards, saying he would donate 30 percent of his salary to the Covid-19 solidarity fund over the next three months. He encouraged other executives in the bank to do the same.
Since then, FirstRand has announced that its key leadership - encompassing all chief executive officers, chief operating officers, and chief financial officers in the group - would follow suit. Most recently Vodacom CEO, Shameel Joosub, joined the growing list of executives.
On Sunday, Standard Bank announced that executives based in South Africa would enable its executives to make donations voluntarily and keep those donations anonymous where such confidentiality was preferred by the donor.