Sat Oct 22 04:04:17 CAT 2016

Absa won't bank on bonuses for bosses

By unknown | Oct 01, 2007 | COMMENTS [ 0 ]

Absa has not agreed to any deal that would see bonuses paid into the private accounts of PSL soccer bosses, the bank said yesterday.

The bank said it had also communicated to Finance Minister Trevor Manuel that it would not support such a deal.

Patrick Wadula, Absa head of media relations, said the bank supported the minister's commitment to good corporate governance.

Wadula said the bank also shared Manuel's belief that sports administrators should not be enriched by sports sponsorships.

"Absa has signed a heads of agreement with the Premier Soccer League which makes no mention of payment into administrators' private bank accounts.

"Absa assures the minister and the public that it has not discussed or agreed to any such payments, nor will any such payments be agreed to in the future," he said.

Wadula said when the final contract is agreed upon, Absa would ensure that the same standards of good corporate governance and the finance minister's concerns were dealt with in the agreement. - Sowetan Reporter


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