More banks’ executives to donate to Solidarity Fund

More banking executives are coming forward to donate portions of their salaries towards efforts aimed at combat the spread of the coronavirus (Covid-19) in South Africa.

Standard Bank has become the latest to announce that its top executives based in South Africa will make their own contributions to the Solidarity Fund set up early in March to support vulnerable South Africans by providing care for ill individuals and buying protective gear for medical personnel among other things. On Thursday, President Cyril Ramaphosa announced that the Fund

Standard Bank said it will set up a mechanism to enable its executives to make donations, over the next three months, to the Solidarity Fund and any other initiatives in support of efforts to curb the spread of coronavirus. Standard Bank SA Chief Executive, Lungisa Fuzile said the bank believes that contributions should be made on a voluntary basis and with accommodation for confidentiality where preferred.

However, its peers and other JSE-listed companies have taken the route of revealing who is taking salary cuts. Nedbank which was the first to follow on the footsteps of the national executive on Friday said CEO, Mike Brown will be donating a third of salary to the Solidarity Fund for three months. He also encouraged other executives in the bank to follow suit.

FirstRand also announced on Saturday that its CEO, COO and CFO as well as and the CEOs of its largest businesses, FNB, RMB and WesBank, will forego 30{e93887a69cdd95d753f466db084bbc3aa0067124675315461d28d68a72842cc2} of their salaries for three months.

The donations by banks’ executives comes after President Ramaphosa made a call to other members of parliament, public officials and company executives to also takes pay cut and contribute to the Solidarity Fund.

The president said that his and cabinet members’ salaries would be cut by a third for the next three months, with the proceeds donated to the Solidarity Fund. Outside of the banking industry, a number of institutions and individuals, including Old Mutual, the EFF, IFP among others have also pledged to donate a portion of their salaries to the fund for at least three months.

Compiled by Londiwe Buthelezi

Source Article