Karachi, In a significant move, Standard Chartered Bank Pakistan Limited (SCBPL) has disclosed key resolutions passed during its 18th Annual General Meeting (AGM) on March 28, 2024, in accordance with the requirements set by the Pakistan Stock Exchange's Rule Book clause 5.6.9 (b). The meeting focused on the adoption of audited financial statements, the reappointment of auditors, the declaration of dividends, the innovative transmission of annual accounts, and the approval of a revised directors' remuneration policy.
The shareholders approved the audited financial statements for the year ended December 31, 2023, thereby endorsing the bank's financial performance and operations for the past year. This approval reflects the confidence of the shareholders in the bank's governance and financial health.
Further, the AGM saw the reappointment of M/s EY Ford Rhodes as the bank's auditors for 2024. This decision underscores the continuity and trust in the auditing services provided by EY Ford Rhodes, ensuring compliance and financial transparency for the upcoming year.
A notable financial decision made during the meeting was the declaration of a final cash dividend of Rs. 2.50 per share, in addition to the 65% cumulative interim cash dividend already paid for the year 2023. This move signifies the bank's robust financial position and its commitment to delivering value to its shareholders.
In a stride towards modernization, SCBPL has decided to circulate its annual audited financial statements and related documents through a QR code and weblink, aligning with the requirements under SECP's Notification S.R.O. 389(1)/2023. This innovative approach emphasizes the bank's dedication to embracing technological advancements for efficient communication with its members.
Lastly, the AGM concluded with the approval of a revised Directors' Remuneration Policy, which had been recommended by the Board of Directors. This resolution ensures that remuneration practices are aligned with the bank's strategic goals and governance standards, fostering a culture of performance and accountability.
These decisions mark significant steps towards SCBPL's commitment to corporate governance, financial integrity, and shareholder value. The bank continues to navigate the financial landscape with a focus on innovation, transparency, and sustainable growth.