Maria Ramos, who retired as Absa Group CEO at the end of February 2019 “on reaching her contractual retirement age of 60 years”, was paid R3.8 million for her two months’ work at the banking group.

This was comprised of R1.6 million for her salary (plus smaller contributions in respect of medical aid and retirement benefits) and R2.1 million in “other employee benefits”. This latter figure is elevated due to leave pay that was owing to her.

However, the group says “consistent with [its] policy on retirement, Maria was granted eligible leaver status on her unvested restricted shares, deferred short-term incentive and long-term incentive awards. All awards subject to eligible leaver treatment remain in the respective plans until the originally scheduled vesting dates”.