FIRST RAND CUTS PAY

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 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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