Addis International Bank S.C conducted its 8th Shareholders’ General Meeting
Addis International Bank S.C. has conducted its 8th Shareholders’ ordinary General Assembly Meeting on November 23, 2019 at Addis Ababa millennium hall. The General meeting was planned to include the 5th extraordinary meeting. Unfortunately, the attendance did not meet the minimum requirement of 50%+ to conduct the extraordinary meeting. It was reported to be 48.03 %. As a result, the extraordinary meeting was adjourned to other time.
However, to conduct the ordinary general meeting, several individuals, representatives of cooperatives and Edirs attended and begun the meeting by unanimously approving the agenda to be discussed. According to the attendance registered during the meeting, a total of 2,920 shareholders attended the General assembly meeting.
Accordingly, the Chairman of the Board of Directors of the Bank, Ato Hailemelekot T/giorgis, after his welcoming message, presented the Board of directors’ report to the general assembly. Subsequently, the external auditor, TAY & Co presented the audit report for the financial year ended June 30, 2019. According to the reports of the Board of directors and external auditors, the performance of the Bank for the financial year ended June 30, 2019 was encouraging in the face of challenging global and local environment.
The Board chairman underscored that the Bank has steadily progressed in all areas of operation despite the challenging macroeconomic conditions mainly shortage of foreign currency and civil unrest in some part of the country.
After the presentation of the two reports, the shareholders have raised several questions and comments on the performance of the Bank. The slow growth of the Bank in branch expansion and loose strategy in foreign currency generation and the like were the main discussion points. The Board of Directors thoroughly addressed all the questions raised and shared some of the valuable comments.
After the thorough discussion on the performance of the Bank for the year and the Audit report, proposals of the Board around issues on share transfers, annual Board of Director allowances and appointment of external auditors for the year 2019/20 were unanimously accepted by the shareholders. Accordingly, new and existing share transfers have been approved as proposed, TAY & Co has been confirmed to be the external auditors of the Bank for the year 2019/20; the annual fee of Board of director’s and allowance was approved as proposed to be Birr 150,000 for annual fee and the monthly transport allowance has been determined to be Birr 10,000. In addition, the general assembly has elected board of directors comprising of 12 members.
Accordingly, the following shareholders have been elected as Board member of the Bank for the coming three years:
|S/N||Name||No of Vote|
|1||W/ro Almaz Tsegaye W/senbet||313,884|
|2||‘’ Tizita Ketema Woyessa||302,554|
|3||Ato Masresha Mekonnen Alemu||295,790|
|4||“ Mesfin Gebreselassie Gereger||256,559|
|5||‘’ Assefa Guya Gemeda||249,597|
|6||‘’ Getachew Mandefro Mekuria||230,899|
|7||“ Fantahun Belew Asfaw||229,218|
|8||‘’ Mulugeta Gebru Agegnehu||219,438|
|9||“Kassahun Bekele W/gebriel||215,140|
|10||‘’Teshome kebede Redie||176,392|
|11||Dr. Derese Mersha Lake||173,189|
|12||Ato Dagnew Gessese Nibrete||167,034|
|1||Ato Geletaw Mekonnen Tesema||162,908|
|2||Ato Abebe Tsehay W/giorgis||149,296|
|3||Ato Zena Haile W/yes||135,003|
|4||Ato Yimenu Mekonnen Asres||111,838|
|5||‘’ Girum Ketema Gurumu||68,698|
Finally, the general assembly approved the Minutes presented by the secretary of the General Assembly.