FCMB Follows GTBank’s Footstep, to Hold AGM by Proxy

By Dipo Olowookere

Foremost Nigeria-based financial institution with branches outside the country, Guaranty Trust Bank (GTBank) Plc, has opened the eyes of other companies to ways to conduct an Annual General Meeting (AGM) in different ways.

Recall that last week, the lender held its AGM when other firms postponed theirs due to the ban on the gathering of more than 25 persons in Lagos as part of efforts to curb the spread of the deadly COVID-19 pandemic.

The bank looked inwards and found out that the important gathering could be held by proxy. Many observers applauded GTBank for the ‘innovation’ and called on others to emulate the organisation, which is a respected brand in Africa.

Another company that is following this footstep is FCMB Plc, which has announced plans to hold its shareholders’ gathering later this month by proxy.

In a notice to the investing public on Thursday, FCMB said its AGM will take place on Tuesday, April 28, 2020 at 11am at the Shell Hall, MUSON Centre, Onikan, Lagos.

It explained that this measure is to ensure that the operations of the company continue to run within the laid down compliance and regulatory frameworks irrespective of the current circumstances.

The company said it had to have discussions with the Corporate Affairs Commission (CAC) and then obtained the agency’s approval to hold the meeting with attendance by proxies.

“To this end, shareholders are encouraged to send duly completed proxy form(s) indicating how you wish to vote on each of the resolutions noted therein, to the Registrars Cardinalstone Registrars Limited, 358 Herbert Macaulay Way, Yaba Lagos or via e-mail to [email protected], not less than 48 hours before the time fixed for the meeting,” the lender said.

At the meeting, shareholders will have to approve the company’s audited financial statements for the year ended December 31, 2019 and as well approve the payment of dividend and ratify the retirement of and appointment of Directors, including new auditors in line with the Central Bank of Nigeria (CBN) requirements.

The bank stressed that this option of AGM by proxy is in “line with the provision of section 230 of the Companies and Allied Matters Act (CAMA) on the use of proxies with the understanding that the quorum for an AGM can be achieved either through physical attendance or by proxy.”