GTBank to hold AGM, attendance is by proxy

Subsequent to the partial closure of business activities and capital market operations as precautionary measure to curtail the spread of the coronavirus disease, GTBank Plc has obtained approval to hold its Annual General Meeting scheduled to hold on March 30, 2020,with attendance to be on proxy.

The lender in an announcement obtained from the Nigerian Stock Exchange said the initiative was to minimise contact and adhere to the directives of the Federal and Lagos State Governments.

The statement signed by the bank’s Company Secretary, Erhi Obebeduo expressed the company’s  concerns over the health hazards arising from the coronavirus pandemic, which could be exacerbated by public gatherings.

The bank noted: “In view of the legal framework and corporate actions predicated on the AGM, such as payment of dividends, election of Audit Committee members, the filing of Annual Returns and approval of the fees of external auditors, which actions will remain in abeyance if the AGM is postponed or cancelled.

“Your company engaged the Regulators with a view to finding a solution that would balance the compliance with regulatory framework and minimise health hazards that could be exacerbated by such large gathering.

“We are pleased to inform you that the Corporate Affairs Commission has graciously approved that the AGM should hold with attendance by proxy to minimise social contact. To this end, shareholders are encouraged to appoint proxies to represent them at the meeting, as the company would abide by the Lagos State Government’s directive of not having more than 25 people in a gathering (or any number as may be permitted at the date of the meeting.”

The bank noted that as part of the measure, the AGM would also be streamed live on the bank’s website and encouraged shareholders to log in to observe proceedings.

The shareholders that will attend will be required to go through safety/health measures as directed by the National Centre for Disease Control and Lagos State Ministry of Health.

Source: Punchng, March 26, 2020