Karachi: Shareholders of First Credit and Investment Bank Limited (FCIBL) have approved all resolutions proposed at the 35th Annual General Meeting held on October 5, 2024, as outlined in a document available from the Pakistan Stock Exchange (PSX).

The meeting confirmed the adoption of the bank's financial statements for the year ended June 30, 2024, alongside the directors' report and auditors' endorsements. According to information available from the Pakistan Stock Exchange (PSX), the audited financial reports and supplemental documents were ratified, marking a continuance of the bank's operational transparency and adherence to financial governance.

Further resolutions included the reappointment of Muniff Ziauddin and Co. as the bank's statutory auditors for the upcoming year ending June 30, 2025. This decision reflects the bank's commitment to maintaining robust financial oversight, as the firm will audit the accounts with a stipulated maximum out-of-pocket expenses not exceeding 10% of the audit fee.

An increase in directors' meeting fees was another significant resolution passed. The bank's remuneration policy was amended to increase the per-meeting honorarium for non-executive directors from Rs. 55,000 to up to Rs. 75,000. This adjustment is effective from October 5, 2024, and is aimed at better reflecting the duties and responsibilities of the directors.

These financial and operational decisions underscore FCIBL's strategic directions and governance practices aimed at fostering stability and growth.