Absa’s Investors Oppose Plan to Boost Executive Pay (Correct)

Absa Group Ltd. faced opposition from some of its largest shareholders over a proposal to boost executive pay at the South African lender’s annual general meeting on Tuesday.

More than 43% of the bank’s shareholders, which include institutional investors such as the Public Investment Corp. and BlackRock Inc., voted against the report, Absa said in a regulatory filing.

The move will allow shareholders to raise concerns and recommendations on the pay report because more than 25% of the members opposed the non-binding advisory vote, Absa said.

At the heart of the issue is the 148 million rand ($9.1 ...