NGX Group shareholders give nod to resolutions at AGM

SHAREHOLDERS of Nigerian Exchange Group Plc have voted in support of the resolutions presented by the Group at its 60th Annual General Meeting held recently.

The meeting, which is the first AGM of the Group as a demutualised, shareholder-owned, for-profit entity, further to previous shareholder and regulatory approvals, marked a historic moment.

In addition to the re-election of the Non-Executive Directors who were retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the NSE.

Shareholders approved the Group’s proposals to introduce equity-based incentives to employees’  remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan, aligning  the interests of internal stakeholders with those of shareholders in long term value creation.

Commenting at the AGM, the Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo stated,

“This meeting is also historic in that it marks the first time in the history of the NGX Group that its AGM will hold outside the hallowed confines of the Exchange House in Lagos and we have chosen the Federal

Capital Territory – Abuja – in recognition of the integral role the Federal Government of Nigeria played in actualising the demutualisation of NSE and its support in establishing NGX Group. I am both thankful for the invaluable support of our stakeholders and proud of the resilience NGX Group continues to demonstrate after over six decades. Despite the global pandemic and other economic shocks, it is indeed

noteworthy that we have already begun to actualise the benefits of demutualisation including the alignment of stakeholders’ interests in the value created by the new Group under a revised Corporate Governance framework.”

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