Leading commercial bank,GTB has opted for a proxy-based annual general meeting as a way out of the challenge posed by official control measures against the spread of Covid-19 in the country.The bank said last week that it would ask its shareholders to agree to a number of proxies who would represent them at the limited version of this year’s AGM earlier scheduled for later this month, which the bank is determined to go ahead wit
The bank in a statement to shareholders and the Nigerian Stock Exchange,(where its shares are quoted)said that it had sought the consent of the authorities to have its AGM attended by proxies that would represent
shareholders .It said: ”In view of the legal framework and corporate actions predicated on the AGM, such as the payment of dividends,
election of Audit committee members, the filing of annual returns and approval of fees for external auditors which actions will be in abeyance if the AGM is postponed or cancelled your company engaged the regulators with a view to finding a solution that would balance compliance with regulatory framework..”
The bank urged shareholders to appoint the selected proxies that would represent them at the AGM. The bank’s statement was silent about participation of some institutional investors with large holdings of the bank’s stock that may wish to attend the AGM.
The AGM had earlier been rescheduled for April 18,2020 and it is expected to hold on that date at the Oriental Hotel ,in Lagos. This would be GTB plc’s 29th AGM.The bank is also quoted on the London Stock Exchange since
2007.
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