Skye bank has just concluded its annual general meeting for
the year ended 31st December 2012. The AGM events spanned from may
17 to May 22.
The exciting AGM week ended with the grand AGM meeting on
Wednesday, may 22, 2013. The event took place at the exquisite Oriental hotel
on Lekki road, Victoria Island.
The Skye bank chairman, Mr Akintunde Ayeni opened the event
by introducing the skye bank executives, representatives of shareholders,
auditor, and regulatory bodies present.
The notice of meeting was read out by the company secretary.
The objectives of the meeting as stated are the following:
1.
To receive and consider audited financial
statement
2.
To declare dividend
3.
To appoint directors.
4.
Authorize directors for enumeration
5.
Appoint members of the auditing committee
6.
Fix the directors earning for the year
7.
Authorize directors to raise more capital, up to
50 billion naira
If approved, a dividend of 50k per
share is to be paid to shareholders. Payment of dividend would commence from May 24.
The auditor’s representative read the independent auditor’s report; the consolidated financial statement,
presents fairly, the position of the bank for year ended 31 December, 2012.
The Chairman of audit committee
presented the audit committee report. He verified that:
1.
The report of audit is accurate
2.
The bank policy corresponds with best practices
in the industry
3.
The banks finances are properly monitored
The report of the board evaluation committee was also
presented by representative of Price Waterhouse cooper. The performance of the
Skye bank board of directors was confirmed to be satisfactory.
After the presentations, Shareholders raised many issues and
asked questions.
1.
Commendations for the Skye bank board on
increasing the share capital base. Shareholders want assurance that there will
be no restructuring which may cause reduced dividends
2.
Is the basis of measurement fair to
shareholders? Need for more explanations from skye bank on this.
3.
Commendation for hitting 1trillion naira balance
sheet and doubling the dividend per share.
4.
Shareholders want more cut out of the earning
per share of 95kobo
5.
A shareholder suggests making an abridged
version of the annual report so that it get to all shareholders on time.
6.
Shareholders demand to know about probable
undisclosed funds i.e paid to external consultants, regulatory bodies and
penalties
The GMD addressed the issues raised. He assured them that Skye bank will increase
the productivity of the West African subsidiaries in the coming year. An
independent director has been introduced to the board which is compulsory by regulatory
bodies. Skye bank is growing as a leading bank but capital is needed to
increase growth, hence the need to raise extra capital. On the issue of
penalties, the bulk of the penalties came from a particular transaction that
lapsed.
Chairman reinforced the GMD’s points and assured that
dividend will not reduce.
After the question and answer session, voting commenced on
AGM resolutions. The resolutions on financial report was proposed and seconded.
Next was election of members of the audit committee. All other resolutions
followed in succession. The votes were collated and counted. At the end, all
resolutions were adopted and taken.
The reaction to the 7th AGM from stakeholders was
positive. Shareholders were happy that dividend has increased. The bank was
commended for hitting the trillion naira asset base for the first time. The
bank is growing steadily and there is a lot of room for expansion. The bank
stands at 8th position in terms of total assets. From zero, Skye
bank has in seven years emerged to be a
leader in banking and it continues to evolve.
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