Bank of Khyber Shareholders Approve Resolutions in 33rd Annual General Meeting

Peshawar, In a significant gathering on Friday, March 29, 2024, shareholders of the Bank of Khyber convened for their 33rd Annual General Meeting at the bank’s head office in Peshawar. The meeting led to the adoption of several key resolutions aimed at steering the bank’s future direction and financial health.

The assembly commenced with the confirmation of the minutes from the previous year’s meeting, held on March 30, 2023, establishing a continuum of the bank’s decisions and actions. Subsequently, shareholders received, considered, and adopted the audited accounts for the fiscal year ending December 31, 2023, including the directors’ and auditors’ reports, marking a crucial step in the bank’s annual financial review process.

A pivotal resolution was the appointment of M/s. PwC A.F Ferguson & Co., Chartered Accountants, as the external auditors for the year ending December 31, 2024. This appointment came with an approved increase of 12% in their remuneration over the last year’s fees, highlighting the bank’s commitment to maintaining robust audit practices.

In terms of shareholder returns, the meeting approved a final cash dividend of Rs. 1.50 per share, equating to a 15% dividend for the year ended December 31, 2023. This move signifies the bank’s financial stability and its ability to reward its shareholders. Furthermore, the issuance of bonus shares was sanctioned, with shareholders entitled to 5 additional shares for every 100 shares they hold, translating to a 5% bonus, which reflects the bank’s confidence in its stock value and its dedication to enhancing shareholder value.

Special attention was given to the bank’s governance and operational efficiency. An increase in fees for non-executive and independent directors attending board and committee meetings was approved, setting the new fee at Rs. 200,000 (net of applicable taxes) per meeting, and Rs.250,000 for the Chairman of the Board. This adjustment acknowledges the critical role these directors play in the bank’s governance and decision-making processes.

Moreover, the meeting embraced technological advancements in communications with shareholders, authorizing the circulation of annual audited financial statements via QR codes and web links, in compliance with regulatory requirements. This innovative approach not only streamlines the dissemination of financial information but also aligns with environmental sustainability practices by reducing paper usage.

In conclusion, the resolutions adopted during the Bank of Khyber’s 33rd Annual General Meeting are set to fortify the bank’s governance structures, enhance shareholder value, and advance its commitment to transparency and sustainability.