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.
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Read More: Absa faces major investor backlash after awarding new CEO a $9 million pay
