Karachi: The 35th Annual General Meeting (AGM) of First Credit and Investment Bank Limited (FCIBL) is scheduled to take place on October 05, 2024. The meeting aims to address several key items, including the approval of financial statements and the appointment of new auditors, as the tenure of the current auditors concludes. The AGM will be held at the bank’s headquarters in Karachi, and shareholders are encouraged to participate through proxies or video-link facilities provided by the bank.
The agenda for this year’s AGM includes ordinary business such as the adoption of audited financial statements for the year ended June 30, 2024, and special business like revising the directors’ meeting fee. The board proposes increasing the fee from Rs. 55,000 to Rs. 75,000 per meeting, reflecting the increased responsibility and time commitment required from the directors. This proposal aligns with the bank’s Directors Remuneration Policy and is set to be voted on during the meeting.
According to information available from the Pakistan Stock Exchange (PSX), shareholders have various modes to engage with the meeting’s proceedings, including e-voting and postal ballots, to ensure broad participation and compliance with corporate governance standards. Additionally, detailed voting procedures and participation guidelines have been provided to accommodate both local and overseas shareholders.
For the first time, FCIBL is offering its shareholders the option to receive the Annual Report and meeting notices electronically, promoting environmental sustainability and ease of access. Shareholders interested in this option are requested to register through the prescribed form available on the bank’s website.
The bank has also highlighted the need for shareholders to convert any physical shares into book-entry form, in compliance with the Companies Act, 2017. This move is part of an ongoing effort to streamline shareholding records and enhance the efficiency of share management.
Further enhancing shareholder communication, FCIBL has provided facilities for attending the AGM via video-link for shareholders residing in cities where at least ten percent of the total paid-up capital is held. This initiative is part of FCIBL’s commitment to inclusive stakeholder engagement and is in line with regulatory requirements set by the Securities and Exchange Commission of Pakistan.
The upcoming AGM is poised to set the course for the next fiscal year, with significant decisions on the table that could impact the bank’s strategic direction and financial health.
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