Equity Group Board Chairman, Prof. Macharia (C), Group Managing Director & CEO, Dr. Mwangi (R), & Group Executive Director, Mary Wamae (L) look through the 2020 Integrated Report & Financial Statements during Equity Group Holdings Plc’s 17th AGM. Shareholders with more than 12.5% shareholding to nominate a Director
Equity Group Foundation to nominate a Director to the Board.
Up to three Executive Directors to sit on the Board.
Group to pay out 30% to 50% of its Profit After Tax as dividends to shareholders
Nairobi, Kenya | THE INDEPENDENT | Equity Group Holdings Plc shareholders have today, during its 17th Annual General Meeting, passed resolutions that will reinforce the governance structures of the Group, continue to diversify the Board composition, and also assure investors of dividend pay-out every year as long as the Company posts profits.
The Shareholders voted for the Amendment of Articles 1 and 79 of the Articles of Association of the Company thereby reinforcing its governance structure and signalling the growing significance of Equity Group Foundation as the social impact investment arm and custodian of the purpose of the Group.
“Today, the shareholders have demonstrated their confidence in the governance of the Group, and further strengthened the structures to ensure the Board is reinforced through diversified representation for effective oversight. ” said Group Board Chairman Equity Group Holdings Plc (EGH Plc) Professor Isaac Macharia after the AGM.
He added that, “In so doing, the shareholders have passed a resolution enabling shareholders with more than 12.5% shareholding to participate directly by having a seat, provided the total number of Directors so nominated for appointment by shareholders shall not exceed four Directors.”
The Chairman explained that the shareholders have also resolved to have a Board seat for the Equity Group Foundation demonstrating the importance of the Foundation in the overall growth and development the Group’s twin engine business model. At the same time, the shareholders resolved to have up to three Executive Director’s sitting on the Board.
Professor Macharia expressed confidence in the resolutions saying that they reflected strong confidence and optimism by the shareholders over the Board and management in the governance, oversight, and management of the Group. By diversifying the representation, the Board has strengthened its oversight capacity while the inclusion of up to three executive directors creates an environment of diverse accountability with the management which enhances governance and oversight.
The shareholders also passed the dividend policy which states that the […]