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Karachi, Atlas Insurance Limited convened its 89th Annual General Meeting (AGM) on April 15, 2024, where several key resolutions were passed, including the approval of the previous year’s financial statements and dividends, as well as the election of directors for a new term. The meeting, led by the company's executives, adhered to the agenda set forth for ordinary and special business items.
Members confirmed the minutes from the last AGM held on April 27, 2023. They also approved the audited financial statements for the year ended December 31, 2023, which included both the auditors' and directors' reports.
A significant financial decision was the approval of the final cash dividend of Rs. 3.00 per share, with an interim cash dividend of Rs. 1.60 per share previously declared and paid, totaling Rs. 4.60 per share. Additionally, a 60% interim bonus issue, which had been announced and disbursed during 2023, was confirmed, ratified, and approved.
The AGM also saw the election of several directors for the coming three-year term. Elected officials include Mr. Iftikhar H. Shirazi, Mr. Ali H. Shirazi, Mr. Frahim Ali Khan, Mr. M. Habib-ur Rahman, Mr. Hasan Reza ur Rahim, Mrs. Roohi Raees Khan, and Mr. Babar Mahmood Mirza.
BDO Ebrahim & Co, Chartered Accountants, were appointed as the company’s auditors for the fiscal year ending December 31, 2024, with their remuneration set by the Board of Directors.
In special business, the resolution to consolidate and sell fractional bonus shares from the interim bonus issued at 60% during 2023 was approved. The proceeds from these sales are to be donated to a charitable institution approved under the Income Tax Ordinance, 2001.
Additionally, the AGM approved the transmission of annual audited financial statements to members through QR-enabled code and web link, replacing older methods such as CD, DVD, or USB. This move aligns with directives from the Securities and Exchange Commission of Pakistan (SECP).
Related party transactions with Atlas Foundation and Atlas Asset Management Limited during the year 2023 were ratified and approved for continuation through the year ending December 31, 2024.