Lahore: Adamjee Insurance Company Limited has announced the convening of its 64th Annual General Meeting (AGM) on April 29, 2025, at 10:00 A.M. The meeting is set to take place at Nishat Hotel, Gulberg, Lahore, and will also be accessible through a video-link facility. Shareholders will deliberate on several critical resolutions concerning the company's financial standing and future directives.
The AGM's agenda includes the presentation and adoption of the standalone and consolidated audited financial statements for the fiscal year ending December 31, 2024. This will be accompanied by the Directors' and Auditors' reports, as well as the Chairman’s Review Report. The company's financial statements are available for download on Adamjee Insurance's website, ensuring transparency and accessibility for all stakeholders.
A significant resolution to be addressed is the declaration and approval of a final cash dividend of Rs. 1.50 per share, representing a 15% payout in addition to a previously declared 15% interim cash dividend. This constitutes a total dividend payout of 30% for the year ended December 31, 2024. The dividend decision reflects the company's commitment to providing shareholder value.
Another important item on the agenda is the appointment of auditors for the forthcoming term. The Board of Directors and the Audit Committee have recommended M/s Riaz Ahmed and Co. Chartered Accountants to replace the retiring auditors, KPMG Taseer Hadi Chartered Accountants. This proposed change is subject to shareholder approval during the AGM.
The meeting will also address the procedural aspects of shareholder participation through video link. Members and their proxies are required to register by April 21, 2025, to attend the meeting virtually. Registered participants will receive a video link to join the proceedings.
According to information available from the Pakistan Stock Exchange (PSX), Adamjee Insurance is an active player in the designated market category, focusing on maintaining and enhancing shareholder engagement through electronic means. This includes guidelines for e-dividend processing and the conversion of physical shares to book-entry form.
The company has reiterated the importance of shareholders updating their records, particularly their CNICs and National Tax Numbers, to facilitate seamless transactions and compliance with tax regulations. The Finance Act, 2019, stipulates different withholding tax rates for filers and non-filers, and shareholders are urged to ensure their details are current to benefit from the lower tax rate.
Adamjee Insurance further emphasizes the prohibition of gifts during general meetings, in compliance with Section 185 of the Companies Act, 2017. This policy underscores the company's adherence to regulatory standards and ethical governance.
The AGM will provide a platform for shareholders to engage with the company's management and make informed decisions on pivotal issues impacting their investments and the company's strategic direction.