CSCS Fixes May 22 for AGM to Approve Dividend, Others

By Dipo Olowookere

On Friday, May 22, 2020, shareholders will gather for the 26th Annual General Meeting (AGM) of the Central Securities Clearing System (CSCS) Plc.

The CSCS AGM will take place on the 14th Floor of the Nigerian Stock Exchange Building in Lagos by 9:00 local time, a notice from the firm said.

However, this shareholders’ gathering will be different from the previous ones because it would be held by proxy due to the current global pandemic, which has made gatherings of more than 20 persons unlawful.

Confirming this, the Group Company Secretary, Mr Charles Ojo, stressed that the AGM will be done “in accordance with the guidelines issued by the Corporate Affairs Commission (CAC) on the conduct of Annual General Meetings via proxies in Nigeria as part of the measures to mitigate the negative effect created by the current Coronavirus (COVID-19) pandemic.”

In view of this, Mr Ojo advised shareholders of the company “to appoint a proxy from the list of designated individuals to attend and vote in his or her stead.”

The company scribe explained that “a proxy needs not to be a member of the company,” stating that “electronic copies of proxy forms will be received via e-mail to designated contacts as specified in the Notice of Meeting not less than 48 hours before the time fixed for the meeting.”

At the AGM, CSCS will transact ordinary business such as to receive and consider the company’s audited financial statements for the year ended December 31, 2019, and the Reports of the Directors, Auditors and Statutory Audit Committee; declare a final dividend; elect/re-elect Directors; authorize the Directors to fix the remuneration of the Auditors amongst other businesses.”

In the notice, CSCS said this AGM by proxy was approved by the Corporate Affairs Commission (CAC) as stipulated in its guidelines.

CSCS is a Public Limited Company with a diversified shareholder base, including the Nigerian Stock Exchange, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders.

The company, licensed and regulated by the Securities and Exchange Commission (SEC), serves as the central depository for equities, commercial papers, corporate bonds, sub-national bonds, certain sovereign bonds, equity-traded funds, real estate investment trusts, mutual funds and commodities.