Last checked at 23 Apr 2019 07:00
TRANSLATION FROM ARABIC
Summary of Resolutions for the Annual General Meeting
EFG Hermes Holding S.A.E.
Held on April 21st, 2019
Resolution no.1
The AGM approved the Board of Directors' report on the company's activities for the financial year ended 31/12/2018.
Resolution no.2
The AGM approved the financial auditor's report on the financial statements for the fiscal year ended 31/12/2018.
Resolution no.3
The AGM ratified the financial statements for the fiscal year ended 31/12/2018.
Resolution no.4
The AGM approved the corporate governance report for the fiscal year ended 31/12/2018.
Resolution no.5
The AGM approved a cash distribution of EGP0.65 per share, according to the following dividend distribution table below:
Dividend Distribution Table for the Fiscal Year ended 31/12/2018 (EGP) | |
Net profit for the year | 595,276,806 |
Retained earnings on 1/1/2018 | 284,181,070 |
Profits appropriate for distribution | 879,457,876 |
Legal reserve | 29,763,840 |
Balance after legal reserve | 849,694,036 |
First Distribution: | |
Shareholders' dividends | 345,878,200 |
Employees portion | 38,430,911 |
Balance after first distribution | 465,384,924 |
BoD bonus* | 18,120,385 |
Balance after BoD bonus | 447,264,539 |
Second Distribution: | |
Shareholders' dividends | 153,732,645 |
Employees portion | 17,080,405 |
Balance after second distribution | 276,460,489 |
Retained earnings on 31/12/2018 | 276,460,489 |
Total Shareholders' dividends | 499,601,845 |
*For non-executives' board members only
Resolution no.6
The AGM approved the discharge of the Board Members from all liabilities concerning the activities of fiscal year 2018 and ratified the changes that occurred to the Board throughout the year, as follows:
· The resignation of Mr. Simon Eedle from his position as a board member representing DF EFG3 Limited (a subsidiary of Natixis S.A.).
· The appointment of Mr. Timothy Collins and Ms. Elizabeth Crichley as members of the Board, representing RA MENA Holdings LLC and RA Holdings I LLC, for the remaining period of the current term of the Board of Directors (May 2020).
Resolution no.7
The AGM approved not to pay the Board of Directors transportation and attendance allowances for the fiscal year 2019, however the Company shall bear all actual travel and accommodation expenses.
Resolution no.8
The AGM approved the reappointment of the Company's financial auditor - Mr. Hatem Abdel Moneim Montasser of KPMG Hazem Hassan - for the fiscal year 2019 and delegated the Board of Directors to determine the fees.
Resolution no.9
The AGM ratified the donations for the fiscal year 2018 which totaled to EGP20,000,000; and authorized the Board to approve donations in excess of EGP1,000 during the fiscal year 2019.
For further information:
Investor Relations Department
Email: investor-relations@efg-hermes.com
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Head of Investor Relations - Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
Fax: +20(0)2 3535 7017
www.efg-hermes.com