Kathmandu. The eighth annual general meeting of Citizen Life Insurance Company has been concluded. The meeting was held at Amrapali Baquet Bhatbhateni Naxal.
The meeting discussed and passed the annual report of the Board of Directors for the fiscal year 2080/081, including the chairman’s remarks. The meeting has discussed and passed 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.
A resolution has been passed 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 reappointment).
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. Which includes 26.98 percent bonus shares and 1.42 percent cash dividend for tax purposes. The meeting has approved the proposal.
The meeting has passed a proposal to amend the provision related to the immediate paid-up capital in Section 6(c) 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 has passed 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.
