AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, In a significant move, shareholders of United Bank Limited (UBL) convened on March 18, 2024, for the 65th Annual General Meeting (AGM), endorsing several crucial resolutions in line with the compliance requirements of the Pakistan Stock Exchange Limited Rule Book. The certified outcomes from this meeting highlight a series of adopted decisions ranging from financial affirmations to strategic corporate actions.
The assembly commenced by confirming the minutes of the previous year’s meetings, emphasizing the seamless continuity of UBL’s governance. Further, the AGM saw the adoption of the Annual Audited Financial Statements for the year ended December 31, 2023, alongside the Directors’ and Auditors’ Reports, ensuring the bank’s steadfast adherence to the Listed Companies (Code of Corporate Governance) Regulations, 2019.
A pivotal financial decision was reached with the approval of a final cash dividend of Rs.11 per share, marking a 110% rate in addition to the 330% interim dividend previously distributed for the fiscal year ended December 31, 2023. This declaration reflects the bank’s robust performance and commitment to shareholder value.
In governance matters, the reappointment of M/s. EY Ford Rhodes, Chartered Accountants, as UBL’s external auditors was sanctioned, underpinning the bank’s dedication to transparency and accountability in its financial stewardship.
A standout resolution involved the approval of the sale of up to 55% of United National Bank Limited UK shares to Bestway Group. This strategic divestiture, incorporating a significant initial transaction followed by an option for additional share acquisition, underscores UBL’s strategic realignment and international business optimization efforts.
The AGM also sanctioned a revised Directors Remuneration Policy, enhancing the compensation framework for the Chairman and Non-Executive Directors, including Independent Directors, thus aligning with best governance practices.
Further modernizing its communication strategy, UBL adopted a resolution to circulate its annual financial statements and other critical reports to shareholders via a QR code and web link. This eco-friendly initiative not only complies with the Securities & Exchange Commission of Pakistan’s directives but also facilitates greater accessibility and efficiency in information dissemination.
The resolutions passed at UBL’s 65th AGM exemplify the bank’s forward-looking approach to governance, financial management, and shareholder communication, reaffirming its status as a leading financial institution committed to excellence and innovation.