Kathmandu. Citizen Life Insurance Company Limited is going to hold its 9th Annual General Meeting (AGM) on Friday. The meeting will be held at Amrapali Banquet, Bhatbhateni, Naxal, Kathmandu at 9.30 am. The 126th meeting of the company held on December 10 fixed the date of the meeting.
The company has decided to distribute Rs 1 billion cash dividend (including tax) to 20 percent of the current paid-up capital of Rs 5 billion from the distributable profit of the last fiscal year. The Assembly shall endorse the proposal.
The AGM shall discuss and approve the annual report of the Board of Directors for FY 2081/082 along with the statement of the Chairperson, the financial statement along with the statement of the Chairperson, the balance sheet of the FY 2081/82, the profit or loss account, the changes in equity and the details of cash flow and the related schedules.
The meeting will appoint an external auditor for the fiscal year 2082/083 as recommended by the audit committee pursuant to Section 111 of the Companies Act, 2063 and determine his/her remuneration (the present auditor will be eligible for re-appointment as SAR Associates, Chartered Accountants).
The meeting shall inform the General Meeting about the appointment of an independent director in accordance with the Insurance Act, 2079. The proposal to approve the facilities of the members of the Board of Directors, the donation made by the company and the expenses under the Corporate Social Responsibility (CSR) will be approved.
The company will close its book on December 24 for the purpose of AGM and dividend distribution. Therefore, the shareholders who have been traded in NEPSE till December 21 will be able to participate in the stock and will receive dividend.
