Com.int.bk.regs Regulatory News (CBKD)

18 Mar 2008 14:55

Commercial Intnl Bank (Egypt) SAE18 March 2008 Draft Resolutions CIB Ordinary General Assembly To Be Held March 17, 2008 CIB Ordinary General Assembly convened at 11:00 A.M. on the 17th of March 2008.The Assembly deliberated the items of the Agenda and concluded the followingresolutions: First: CIB Ordinary General Assembly unanimously approved the Board ofDirectors' Report for the financial year ending 31/12/2007. Second: CIB Ordinary General Assembly unanimously approved the BalanceSheet, Income Statement and other financial notes for the financial year ending31/12/2007. Third: CIB Ordinary General Assembly unanimously approved theAppropriation Account for the year 2007. Fourth: CIB Ordinary General Assembly unanimously approved releasingmembers of the Board of Directors for the Financial Year ending 31/12/2007 anddetermined their remuneration for the year 2008 to be EGP 75,000 to be paiddirectly to each member. Fifth: CIB Ordinary General Assembly unanimously approved appointingMr. Ehab Fahwzy Akl (KPMG & Hazem Hassan Public Accountants & Consultants) andMr. Nabil Akram Estanbouly (Allied for Accounting & Auditing E&Y PublicAccountants& Consultants) as the Bank's External Auditors for the financial year2008 for auditing and issuing the annual and quarterly audit reports and Bank'sFinancial Statements, as required by the Central Bank of Egypt and CapitalMarket General Authority regulations, for annual fees of EGP 450,000 (to beequally divided among them). Also, the Ordinary General Assembly unanimouslyapproved the payment of EGP 75,000 to (KPMG & Hazem Hassan Public Accounts &Consultants) for auditing and issuing the Bank's annual and quarterlyconsolidated Financial Statements (as required by the Central Bank of Egypt). Sixth: CIB Ordinary General Assembly unanimously approved authorizing theBoard of Directors to effect donations during the year 2008 for over EGP 1000each as per article 101 of Companies' Law 159 for 1981. Seventh: CIB Ordinary General Assembly unanimously approved reformation ofCIB's Board of Directors for the next three-year term to be as follows: - Mr. Amin Hisham Ezz Al-Arab - Mrs. Sahar Mohamed Aly El Sallab - Dr. William Messeiha Mikhail - Counselor Mahmoud Mohamed Fahmy - Dr. Nadia Makram Ebeid - Mr. Timothy C. Collins - Mr. Lucio Noto. - Mr. Robert Willumstad Eighth: CIB Ordinary General Assembly were advised about 2008 Remuneration forthe Audit Committee Members to be EGP 72k for the president and EGP 60k eachmember. All relevant taxes due on such amounts are to be borne by the bank. This information is provided by RNS The company news service from the London Stock Exchange