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    ABG   ZAE000255915

ABSA GROUP LIMITED

(ABG)
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End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 01/27
165.29 ZAR   +2.54%
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Absa : Removes Mr Sipho Pityana from Boards

11/24/2021 | 04:20am EST

24 November 2021

The Absa Group and Absa Bank Boards have resolved, in terms of section 71(3)(b) of the South African Companies Act, to remove Mr Sipho Pityana as a director of the Boards, with immediate effect.

The decision followed a 23 November 2021 meeting during which Mr Pityana was provided an opportunity to address the Boards' allegations that he had neglected or had been derelict in the performance of his functions as a director of the Boards and had failed to conduct himself in the interests of Absa.

After careful consideration of the matter and Mr Pityana's responses to the allegations, the Boards arrived at the view that, amongst others, Mr Pityana pursued his own personal interests to the detriment of Absa and thereby created a material and sustained conflict between his interests and those of Absa.

While the Boards respect Mr Pityana's individual right to administrative fairness, unfortunately in this matter, the Boards concluded that the pursuit of his personal interest at the cost of the Group's interest created a sustained and irresoluble conflict. Absa has a duty to its stakeholders to put the Group's interest before individual interests.

The decision to remove Mr Pityana as director followed an earlier decision on 12 November 2021 to remove him as lead independent director and Chairman of the remuneration committee.

Developments in the litigation instituted by Mr Pityana

On 23 November 2021, Absa filed its answering affidavit in the application instituted by Mr Pityana against the Prudential Authority, in which he cited Absa as a respondent. Absa opposed the application because the advice Absa has received is that the relief sought by Mr Pityana implicates Absa in participating in what he alleges was an unlawful informal process by the Prudential Authority. Absa has been advised that it is likely that the court case will be heard during the course of next year.

Disclaimer

Absa Group Limited published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 09:19:03 UTC.


ę Publicnow 2021
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Financials
Sales 2021 84 860 M 5 497 M 5 497 M
Net income 2021 17 862 M 1 157 M 1 157 M
Net Debt 2021 - - -
P/E ratio 2021 7,95x
Yield 2021 4,60%
Capitalization 137 B 8 893 M 8 882 M
Capi. / Sales 2021 1,62x
Capi. / Sales 2022 1,51x
Nbr of Employees 36 737
Free-Float -
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Technical analysis trends ABSA GROUP LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 9
Last Close Price 165,29 ZAR
Average target price 177,56 ZAR
Spread / Average Target 7,42%
EPS Revisions
Managers and Directors
Jason P. Quinn Group Chief Executive Officer & Director
Punki Modise Chief Financial Officer-Retail & Business Banking
Wendy Elizabeth Lucas-Bull Independent Non-Executive Chairman
Wilhelm Krige Chief Information & Technology Officer
Akash Singh Head-Operational Risk