Johannesburg, 20 September 2024: Absa is proud to announce its continued partnership with One Young World (OYW), reinforcing its commitment to empowering Africa’s future leaders. As an Executive Partner at this year’s One Young World Summit, taking place from September 18 to 21, 2024, in Montreal, Canada, Absa will lead critical discussions on financial inclusion and entrepreneurship, focusing on youth and women across the continent.

The annual One Young World Summit brings together the brightest young leaders from over 190 countries and 250 organisations, all dedicated to accelerating social impact. Over the course of four transformative days, delegates engage in impactful speeches, interactive workshops, and extensive networking opportunities.

Dr. Steven Zwane, Managing Executive of Corporate Citizenship, says, “We are excited to work with One Young World once again to reaffirm our commitment to being an active force for good. This collaboration aligns perfectly with Absa’s efforts to partner with the United Nations Sustainable Development Goals (SDGs) and our ambition to be the home for top talent in Africa.”

Since 2021, Absa’s partnership with One Young World has made significant strides, the Absa OYW delegates have impacted over 22,000 beneficiaries across eight African countries. Through the efforts of 43 Absa OYW Ambassadors, the organisation has successfully aligned its initiatives with eight key SDGs, addressing critical areas such as gender equality, climate action, education, and poverty alleviation.

Key accomplishments include:

• Gender Equality: Empowerment initiatives for 570 women, training programs for 160 individuals, and support for 224 girls to remain in school.
• Climate Action: Planting 23,590 trees and providing clean energy and water solutions.
• Education and Poverty Alleviation: Raising R200,000 for autism education, distributing over 16,000 meals, and making a positive impact on more than 9,000 individuals.

This year, Absa is taking its commitment to the next level by sending 20 young professionals and one Absa Fellowship fellow, as well as country representatives, cluster representatives, and corporate functions, to the One Young World Summit. These individuals are not just attendees but are recognised as changemakers, poised to lead and inspire.

At the summit, Absa will take the stage to lead discussions on financial inclusion, with a focus on empowering African youth and women. Between 2019 and 2023, Absa invested approximately R1.49 billion ($83 million) in social impact initiatives, positively affecting over 1.25 million individuals across its markets. These investments have driven significant societal and economic improvements, particularly in education, employability, income generation, financial literacy, and corporate community support.

“As Absa continues to focus on financial inclusion through entrepreneurship, the organisation is dedicated to fostering employability opportunities, empowering the next generation of African leaders.” Zwane concluded.

Following engagements between the Board and the Group Chief Executive, Arrie Rautenbach, the parties have agreed that Arrie will take early retirement from the Group, effective from 15 April 2025. This was communicated to the market this morning via a SENS announcement, as required in terms of the JSE Listings Requirements and the Companies Act.

Arrie will cease to be the Group Chief Executive Officer and an Executive Director of the Absa Group and Absa Bank with effect from 15 October 2024, followed by a 6-month contractual notice period which will be served as garden leave.

The Board, on behalf of the Group, thanks Arrie for his commitment and extensive contribution to the Group over a career that spanned over 27 years with the organisation and wishes him well in his retirement.

Charles Russon will become Interim Chief Executive Officer of Absa Group and Absa Bank effective 15 October 2024, subject to regulatory approval. He will also become an Executive Director on these Boards. Charles’ appointment will enable a smooth transition, while the Board conducts a diligent search for a new permanent Group CE.

Charles has been Chief Executive of Absa’s Corporate and Investment Bank since 2018 and a Group Executive Committee member since 2014. He joined Absa Capital in 2006 as Chief Financial Officer, and has held numerous senior roles in the group, including Regional Head of Finance for Absa Group, Chief Operating Officer for Absa Group and Chief Executive: Engineering Services for Absa Group. Charles completed his articles with KPMG and then worked for Merrill Lynch in London and Deutsche Bank in London and Frankfurt. He is a member of The South African Institute of Chartered Accountants and holds a Bachelor of Commerce degree from Rhodes University.

Yasmin Masithela will become Interim Chief Executive Officer of Absa’s Corporate and Investment Bank effective 15 October 2024, subject to regulatory approval. A seasoned executive, Yasmin is currently Managing Executive Corporate Transactional Banking, CIB and has been in that role since May 2019. She previously held the positions on Group Exco as Chief Executive Strategic Services, and Chief Compliance Officer, respectively. Prior to that, Yasmin was General Counsel for Wealth Investment Management and Insurance. She was a founding partner of Phukubje Pierce Masithela Attorneys, and headed up Project and Export Finance for Siemens Limited. Prior to that, she was an Associate at Webber Wentzel & Bowens where she completed her articles. Yasmin holds a BA and LLB (UCT), Higher Diploma in Company Law (WITS) and LLM, Tax Law (WITS).

The Board, on behalf of the Group, also wish both Charles and Yasmin well in their interim roles.

Absa Group is proud to have collaborated with the South African Chamber of Commerce and Industry (SACCI) to sponsor the inaugural Absa-SACCI Women-in Business Directors Training Programme, which took place from 5 July to 2 August 2024 and culminated in ten (10) women completing the programme.

The board training programme, conducted by the Institute of Directors South Africa (IoDSA), was aimed at identifying and nurturing women who have the potential to excel in board roles, and equipping them with the essential knowledge and skills required to thrive as successful business leaders and board members. The content covered critical areas such as governance, strategic planning, ethics, compliance and risk management.

The training comes at a time when South Africa continues to struggle to achieve gender parity in business, and particularly at board level. The 2023 Status of Gender on JSE-listed Boards report showed that the proportion of women on boards increased to 32% from 23% in 2017. While there is no available data on unlisted companies, the representation of women on these boards is likely to be even lower.

According to Absa’s Lead Independent Director, Ms Nonhlanhla Mjoli-Mncube, supporting the Women-in-Business Directors Training Programme is part of the Group’s commitment to being an active force for good in everything we do. “This programme has afforded us the opportunity to not only support the empowerment of women, but to also strengthen governance in our institutions and communities,” Mjoli-Mncube said.

She said there is a need for urgent and focussed efforts to increase women decision makers in general and women board leaders in particular.

It is for this reason that Absa Group and SACCI are delighted at the success of the programme and we celebrated the first cohort of board trainees during an event this women’s month. The candidates had an opportunity to share their reflections and insights on the training programme, while there was also a panel discussion looking at what it will take to increase gender equity and diversity on corporate boards.