THE banking group Absa has removed businessman Sipho Pityana from some key positions on its board with immediate effect.
In a statement, the group said Pityana would cease to be the lead independent director of the Absa Group and Absa Bank, with immediate effect.
This also means he will no longer be the chair of the bank’s remuneration committee.
This comes weeks after Pityana took the SA Reserve Bank’s Prudential Authority to court for allegedly blocking his appointment as Absa Chair.
Pityana served legal papers to the South African Reserve Bank Prudential Authority citing that the authority blocked him from becoming chair of Absa bank by conducting an informal process and consulted with third parties, including former Absa bank CEO Maria Ramos, about whether he was “fit and proper” for the role.
Pityana said Ramos used an allegation of sexual harassment against him which dates back to 2020 while he was chairperson of AngloGold Ashanti.
In December last year, Ramos was named the new chair of AngloGold Ashanti after Pityana resigned. The miner did not provide a reason for Pityana’s resignation.
Pityana, who says the allegation is “false and untrue”, claims that the authority “unlawfully objected” to his nomination as chair.
AnlgoGold Ashanti investigated the allegations, which saw Pityana resign as chairperson. But he claims that a subsequent review of the investigation by Absa found it was “flawed”.
“I have always denied these as baseless and false allegations, only intended to unseat me from the position of chairman of AngloGold Ashanti (AGA) in order to block a PIC requested independent inquiry into the possibly unethical conduct of AGA’s former CEO and the board’s handling of the matter; and to also pave the way for the relocation of the company to London, a move I was perceived to block,” said Pityana.
“There have been many cases where (sexual harassment) has been weaponised and I believe it to be so in this instance. Successfully exposing and fighting this phenomenon is important for the credibility of the cause against sexual harassment.”
At the time Pityana approached the court, Absa gave no indication that his axing might be imminent.
Pityana will remain as a board member.
“Shareholders are informed that the Absa Group and Absa Bank boards have resolved that Sipho M Pityana will cease to be a lead independent director of Absa Group and Absa Bank, chairperson of the Remuneration Committee (RemCo) and, as a consequence, member of the directors’ affairs committee (DAC), with immediate effect,” the bank said.
Last month the Absa Group was involved in a spat with Pityana after he was not appointed as chair of the board of the bank. Absa instead appointed Sello Moloko as chairperson.
Absa said the board will appoint a new lead independent director and chairperson of the RemCo and advise shareholders in due course.
- Own Correspondent
