Kathmandu. Citizen Life Insurance Company is going to hold its eighth annual general meeting tomorrow, Chaitra 15. The meeting has been announced to be held at Amrapali Baquet Bhatbhateni Naxal at 11 am. The date of the meeting was fixed by the company’s board of directors meeting held on Falgun 16.
The meeting will discuss and approve the annual report of the board of directors for the fiscal year 2080/081, including the chairman’s speech. The meeting will discuss and pass the financial statements for the fiscal year 2080/81, including the auditor’s report, including the balance sheet, profit and loss account, changes in equity and cash flow statement and related schedules.
The meeting will pass a proposal to appoint an external auditor for the fiscal year 2081/082 as recommended by the Audit Committee and to determine his remuneration (the current auditor, Mr. SAR Associates, Chartered Accountants, will be eligible for re-appointment).
The company has decided to distribute a total dividend of 28.4 percent of the current paid-up capital from the distributable profit of the previous fiscal year. This includes 26.98 percent bonus shares and 1.42 percent cash dividend for tax purposes. The meeting will approve the proposal.
The meeting will pass a proposal to amend the provisions of Section 69C0 of the company’s memorandum of association, as the paid-up capital of the company will reach Rs. 5 billion after the issue of bonus shares.
The meeting will pass a proposal to approve the expenses incurred by the company under corporate social responsibility, and to authorize the board of directors to make any changes to the amended memorandum of association if any instructions are received from the recording body or regulatory body.
The company closed its books for one day on Falgun 28 for the purpose of the general meeting and dividend distribution. Therefore, shareholders who hold shares until February 27 will be able to participate in the meeting as well as receive dividends.
