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Transcorp holds AGM; board of directors re-elected

Category: Investors NewsBeat

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Transcorp holds AGM; board of directors re-elected



Thursday, October 14, 2010
The Transnational Corporation of Nigeria (Transcorp) Plc, held its first Annual General Meeting at the newly refurbished Transcorp Metropolitan Hotel, Calabar today and adopted the accounts for the periods 2006, 2007, 2008 and 2009 respectively.
 The company, in a 20 minute video-documentary made and shown after the accounts, presented a factual recall of developments from inception to date, detailing the dark moments, on-going issues and steps taken to deliver on the operational results presented.
 The meeting was adopted to represent the 1st, 2nd, 3rd, and 4th Annual General Meetings of the company; as moved by the shareholders who unanimously granted the Company's Board of Directors and Chairman a fresh term in office as Directors of the Company.
 In line with Article 22 of the Memart of the company and in accordance with s261 of CAMA, all directors of the company had to retire, and having all indicated interest to continue in office, they offered themselves for re-election. The Chairman, Professor Ndi Okereke-Onyuike offered to step down first and handed over to Otunba Lawal to conduct the election for here re-election as a Director and Chairman; which was approved by the shareholders. The Chairman thereafter proceeded to conduct the election of the other directors by a single resolution.
In what could pass as a surprising turn-around in shareholders attitude, enthusiasm and interest in the company; the rest of the ordinary business of the day was conducted with shareholders interest in roles and decision clearly manifest. Other affairs dealt with include:
1. Fixing the remuneration of Directors
2. Re-appointment of the Auditors
3. Authorisation of Directors to fix the remuneration of the Auditors
4. Election of members of the Audit committee
The meeting recognised the new strategic direction articulated in managements presentation and stressed the need for dividend declaration at its 5th AGM next year.

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