Last checked at 18 Mar 2010 07:00
Resolutions
CIB Ordinary General Assembly
To Be Held 17 March 2010
First: CIB Ordinary General Assembly unanimously approved the Board of Directors' Report for the financial year ending 31/12/2009.
Second: CIB Ordinary General Assembly was advised with the Auditors' Report for 2009.
Third: CIB Ordinary General Assembly unanimously approved the Balance Sheet, Income Statement and other financial notes for the financial year ending 31/12/2009.
Fourth: CIB Ordinary General Assembly unanimously approved the Appropriation Account for the year 2009. Dividends of EGP 1.5 per share will be paid on Thursday, 1st of April 2010.
Fifth: CIB Ordinary General Assembly unanimously approved releasing members of the Board of Directors for the Financial Year ending 31/12/2009 and determined their remuneration for the year 2010 to be EGP 75,000 to be paid directly to each member.
Sixth: CIB Ordinary General Assembly unanimously approved appointing Mr. Ehab Fahwzy Akl (KPMG & Hazem Hassan Public Accountants & Consultants) and Mr. Nabil Akram Estanbouly (Allied for Accounting & Auditing E&Y Public Accountants& Consultants) as the Bank's External Auditors for the financial year 2010 for auditing and issuing the annual and quarterly audit reports and Bank's Financial Statements, as required by the Central Bank of Egypt and Capital Market General Authority regulations, for annual fees of EGP 600,000 (to be equally divided among them). Also, the Ordinary General Assembly unanimously approved the payment of EGP 150,000 to (KPMG & Hazem Hassan Public Accounts & Consultants) for auditing and issuing the Bank's annual and quarterly consolidated Financial Statements (as required by the Central Bank of Egypt).
Seventh: CIB Ordinary General Assembly approved by a majority of 99.99% authorizing the Board of Directors to effect donations during the year 2010 for over EGP 1000 each as per article 101 of Companies' Law 159 for 1981. The Assembly also approved and greatly welcomed the establishment of "CIB Foundation" as a non-profit organization dedicating its efforts to Mega Social Development Projects inside Egypt with special focus on healthcare issues and live changing community
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Resolutions (Con't)
CIB Ordinary General Assembly
To Be Held 17 March 2010
programs in Egypt primarily focusing on the needs of young children who are deprived of basic heath facilities. The Assembly approved to reserve 1% of its annual Net Profit starting the year ending 2009 to the work of this foundation. Also, it was announced that only CIB's stakeholders (shareholders, customers, vendors, employees, etc.) can donate to the welfare of this foundation.
Eighth:CIB Ordinary General Assembly was advised regarding 2010 Remuneration for the Audit Committee Members which was approved by the Board based on the recommendation of the Governance & Compensation Committee to be a net of EGP 72k for the president and EGP 60k for each member.
Ninth: CIB Ordinary General Assembly unanimously approved the following amendments to the Board of Directors' structure that took place since the last Ordinary General Assembly:
1) Resignation of Mr. Lucio Noto as of 30th of September 2009 as a non-Executive Director representing Ripplewood Consortium.
2) Resignation of Mr. Timothy Collins as of 31st of December 2009 as a non-Executive Director representing Ripplewood Consortium.
3) Resignation of Mr. Robert Willumstad as of 17th of February 2010 as an expert non-Executive Director representing himself.
4) Appointment of Dr. Mohamed Medhat Hassanien as of 1st of August 2009 as a non-Executive Director representing himself. Dr. Hassanien, Egypt's former Minister of Finance (1999 - 2004), is currently a professor of Finance and Banking with the Management Department of the School of Business, Economics & Communication at the American University in Cairo. Dr. Hassanien has served as Chairman and Board Member in a number of public holding companies, private corporations and many renowned banks in Egypt.
5) Appointment of Ambassador/ Frank George Wisner as of 1st of August 2009 as a non-Executive Director representing himself. Ambassador Wisner is currently Advisor of International Affairs to Patton Boggs LLP, a renowned consulting legal firm. He served as Vice Chairman to the American International Group (AIG) external affairs following his long diplomatic career as US Ambassador to Zambia, Egypt, the Philippines and India.
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Resolutions (Con't)
CIB Ordinary General Assembly
To Be Held 17 March 2010
6) Appointment of Mr. Daniel Paul Fletcher as of 16th of February 2010 as a non-Executive Director representing Actis, the largest single investor in CIB. Mr. Fletcher is the Senior Partner of Actis, the leading emerging markets private equity firm. Prior joining Actis, Mr. Fletcher worked as Chief Executive Officer at CDC group plc, the UK government owned private sector investment arm in 2002 after long experience in the financial sector serving in many of the renowned banks and financial institutions.
In light of the above, the Board shall be composed of the following directors: