Wema Bank
Ademola Adebise - Wema Bank CEO

Wema Bank announces decision to hold AGM by proxy

Wema Bank Plc has announced readiness to hold its annual general meetings (AGM) by proxy due to the outbreak of coronavirus which has necessitated restricted movement across the country.

In a statement, the bank which is also celebrating its 75th anniversary, announced that the AGM which is scheduled to take place on Monday, May 18th 2020 will hold at the 5th floor of the Wema Towers, Marina Lagos, howbeit, it will be by proxy.

The bank stated that decision is in consideration of the well-being of its shareholders which it considers as a key priority and given the potential risks of attendance, lender says it strongly advises against physical attendance.

According to the bank, the decision to hold the AGM by proxy was made pursuant to regulatory directive and approval.

It explained that this was made at the time where restriction was placed on movement within and across state borders due to the Federal government’s directive on total lockdown.

However, in a bid to control the inadvertent spread of the corona virus, the bank has decided to go ahead with its initial plan of conducting its AGM by proxy even after the ease of the lockdown.

Due to the severity of matters to be discussed, the bank said it has decided that the meeting should not be postponed to a later date than already scheduled.

However given the circumstance; the meeting will be kept as short and concise as possible.

Amongst the matters to be discussed are audited financial statements for the year, authorization of dividend, election and re-election of directors, and election of members of audit committee.

Shareholders are therefore entitled to appoint a proxy to attend and vote in their stead.

As part of its preparations, the Bank said it has sent the process and procedure for selection of proxy.

Also, it has advised company shareholders to send their duly completed proxy forms to the office of the Company secretary via companysecretariat@wemabank.com on or before May 13, 2020.

“This decision leverages the leeway made by the CAC in line with the provision of section 230 of the Companies and Allied Matters Act (CAMA)

“…on the use of proxies with the understanding that the quorum for an AGM can be achieved either through physical attendance or by proxy”, the bank stated.

Wema Bank announces decision to hold AGM by proxy

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