29 April 2024
Absa is delighted to announce that the eKhaya Colleague Share Scheme has once again been celebrated, with the Bank winning the Top Champion for Women Award at the inaugural Worker Share Ownership Conference.
Hosted by the Department of Trade, Industry and Competition, the conference focused on promoting economic inclusion through Employee Share Ownership Programmes (ESOPs). It brought together ESOP trustees, employee representatives, business representatives, labour leaders, government officials, legal experts, and finance specialists to share insights and best practice.
The award ceremony sought to honour those employers that have notably empowered their employees through innovative and effective ESOP structures. Absa Group was recognised for empowering the highest percentage of women, with 63.1% of the 26 400 staff beneficiaries being female.
Absa’s eKhaya scheme, implemented in September last year, allocated shares to the value of R11.2 billion at the time, including a 4% evergreen Corporate Social Investment Trust and a 3% vesting staff element.
“We are proud to have been honoured once again for our eKhaya Colleague Share Scheme. This transaction demonstrates our commitment to fostering financial inclusion in our communities in keeping with our purpose of empowering Africa’s tomorrow, together... one story at a time,” said Absa Group CEO Arrie Rautenbach.
Rautenbach said women make up the majority of Absa’s employee component and through this transaction and other transformation programmes, the Group has recognised its role as an active force for good, contributing meaningfully to their families, communities and the economy as a whole. “This exemplifies our role as a driver for positive change and sustainable development,” he concluded.
