Absa shareholders have pushed back against the bank following a renumeration of $9 Million awarded to CEO Kenny Fihla who recently joined the bank from competitors Standard Chartered bank.
More than 43% of shareholders voted against the implementation of the bank’s remuneration report with the dispute turning into a debate over executive pay, talent wars and corporate governance in Africa’s banking sector.
Negative Investor Sentiments
The backlash erupted at the bank’s annual general meeting, where 43.37% of shareholders voted against the implementation report detailing how Absa applied its remuneration policy during the financial year.
Under South African governance rules, a vote of 25% or more against a remuneration resolution obliges the company to engage with dissenting shareholders and address their concerns.
According to Absa’s remuneration disclosures, Fihla received total remuneration of roughly $9 million (R148 million) in 2025.
The package included a once-off compensation award of approximately $5.9 million (R98.5 million) designed to replace long-term incentives and deferred awards he forfeited when leaving Standard Bank to join Absa.
His fixed remuneration amounted to roughly $380,000 (R6.3 million), with the remainder comprising annual incentives, share-based awards and other executive compensation which seems to have angered shareholders.
The bank has defended the costs associated with attracting senior talent, arguing that these investments should ultimately generate stronger performance, better productivity and long-term shareholder value.
Fihla’s Poaching From Standard Bank
Before joining Absa, Fihla headed Standard Bank’s corporate and investment banking division, widely regarded as one of the continent’s strongest banking franchises.
His arrival was seen as a statement of intent from Absa, which has spent years trying to accelerate growth, strengthen profitability and improve its competitive position across African markets.
Recruiting Fihla was viewed as a strategic move aimed at accelerating growth, strengthening the bank’s corporate and investment banking operations, and improving competitiveness against larger rivals.
The appointment also signaled Absa’s ambition to deepen its presence across the continent and capture a greater share of Africa’s rapidly evolving banking and financial services market.
Kenny Fihla’s Storied Banking Career
Kenny Fihla is widely regarded as one of Africa’s most accomplished banking executives, having built a career spanning nearly two decades within Standard Bank Group, Africa’s largest lender by assets.
His rise through the ranks reflected a deep understanding of corporate banking, investment banking, transaction services, risk management and client relationships across multiple African markets.
Beginning in senior transaction banking roles, Fihla went on to lead corporate banking operations before taking charge of client coverage and franchise development for the bank’s Corporate and Investment Banking (CIB) division.
His biggest breakthrough came in 2017 when he was appointed Chief Executive of Standard Bank’s Corporate and Investment Banking business. Under his leadership, the division expanded its presence across Africa and strengthened its position in key sectors including infrastructure finance, energy, telecommunications, mining and trade finance. The unit became one of the continent’s most influential investment banking franchises, serving multinational corporations, governments and institutional investors.
Fihla’s performance in the role earned him further promotion to Deputy Group Chief Executive of Standard Bank Group in 2024, placing him among the most senior executives in the organisation and positioning him as one of the leading figures in African banking.
His extensive network across African markets, experience managing complex cross-border financial transactions, and track record of leading large banking businesses made him one of the most sought-after executives in the sector.
