COVID-19: GTBank shareholders to attend AGM by proxy

Against the backdrop of the partial shutdown of business activities and capital market operations as a precautionary measure to curtail the spread of the coronavirus disease, GTBank Plc has sought and got approval for its Annual General Meeting (AGM) to be attended by proxy.

Based on the directives of the Federal and Lagos State Governments, the attendance of the AGM by proxy on March 30, 2020, is to minimise contact.

According to a notification, sent by the bank to its shareholders and the Nigerian Stock Exchange (NSE) and signed by the bank’s Company Secretary, Erhi Obebeduo, the bank, had expressed its concerns over the health hazards arising from the coronavirus pandemic, which could be exacerbated by the public gatherings.

In order to meet up with its obligations to its stakeholders and be able to exercise its corporate actions, which are predicated on the AGM, GTB Plc had sought for and gotten approval from regulatory authorities to have the meeting attended by proxy.

“In view of the legal framework and corporate actions predicated on the AGM, such as payment of dividends, the election of Audit Committee members, the filing of Annual Returns and approval of the fees of external auditors, which actions will remain in abeyance if the AGM is postponed or cancelled, your company engaged the regulators with a view to finding a solution that would balance the compliance with the regulatory framework and minimise health hazards that could be exacerbated by such large gatherings.

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“We are pleased to inform you that the Corporate Affairs Commission has graciously approved that the AGM should hold with attendance by proxy to minimise social contact. To this end, shareholders are encouraged to appoint proxies to represent them at the meeting, as the company would abide by the Lagos State Government directive of not having more than twenty-five (25) people in a gathering (or any number as may be permitted at the date of the meeting).”

GTbank noted that as part of the measure, the AGM would also be streamed live on the bank’s website and encouraged shareholders to log in to observe proceedings.

Nigerian Tribune reports that the shareholders that will attend will be required to go through safety/health measures as directed by the National Centre for Disease Control and Lagos State Ministry of Health.