Cross-section of shareholders during the 51st Annual General Meeting (AGM) of AIICO Insurance Plc which held at the Lagos Marriott Hotel, Ikeja, Tuesday, November 30, 2021
AIICO shareholders approve proposed bonus shares, others, as insurer concludes 51st AGM in Lagos
[By VICTOR NZE]
AIICO Insurance Plc. has received shareholders’ nod for the issuance of bonus shares, among other resolutions passed unanimously at its 51st Annual General Meeting (AGM) held, Tuesday, November 30, at Lagos Marriott Hotel, Ikeja.
Cross-section of shareholders during the 51st Annual General Meeting (AGM) of AIICO Insurance Plc which held at the Lagos Marriott Hotel, Ikeja, Tuesday, November 30, 2021
The AGM which was held in accordance with the COVID-19 guidelines of state and Federal Governments, with shareholders in attendance elected by proxies to represent their interests, was also streamed live for the benefit of all stakeholders.
Chairman of AIICO Insurance, Mr. Kundan Sainani, while welcoming the shareholders, expressed the hope for a broader one-on-one meeting that will enable physical interaction between them and the Board and Management.
(From left): AIICO Directors; Folakemi Edun (nee Fajemirokun) – Non-Executive Director; Ademola Adebise – Non-Executive Director; Donald Kanu – Company Secretary; Adewale Kadri – Executive Director, Technical, during the 51st Annual General Meeting (AGM) of AIICO Insurance Plc which held at the Lagos Marriott Hotel, Ikeja, Tuesday, November 30, 2021
“Shareholders will recall that at about this same time last year, we were constrained to hold a virtual meeting by virtue of the then rampaging COVID–19. While we are doing so again today, it is our hope and desire that in the nearest future, we will be able to have a live and one-on-one meeting where shareholders will have the benefit of interacting with each other, Board and members of Management. “Until then, may we continue to apply all the safety protocols that will help us to remain safe in this fight against COVID,” he said.
During the event, shareholders voted on several resolutions relating to corporate governance in the organization as well as some special business.
Some of the resolutions passed include: A bonus of 12 shares for every nine already held by members whose names appear on the register of members as of the close of business on November 23, 2021; the re-election of Ademola Adebise and Samaila Zubairu for another term on the board.
Additionally, other resolutions presented to the shareholders were unanimously approved with the issuance of the bonus clearing the path for the Company to meet up with new capital requirements from the National Insurance Commission (NAICOM).
This strengthens the company’s market position on its journey to being the dominant insurer in sub-Saharan Africa.
During the interactive session, the shareholders applauded the company’s leadership on its remarkable contribution to society through its various Corporate Social Responsibility initiatives and interventions. Its focus on its recapitalization efforts also received a commendation for completing its private placement and rights issue.
