The assembly passed a proposal to distribute a 20 percent cash dividend (including tax) of the current paid-up capital of Rs 5 billion from the distributable profit of the last fiscal year.
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Citizen Life Insurance Company Limited has passed a proposal to distribute a cash dividend of Rs 1 billion (including tax) at its ninth annual general meeting. The meeting passed a proposal to distribute a cash dividend of 20 percent (including tax) of the current paid-up capital of Rs 5 billion from the distributable profit of the last fiscal year.
The annual report for the fiscal year 2081/082 was discussed in detail in the meeting and passed. The auditor's report, balance sheet, profit and loss account, changes in equity and cash flow statement and related schedules for the period were also approved.
It was passed to appoint an external auditor for the fiscal year 2082/083 as recommended by the Audit Committee in accordance with Section 111 of the Companies Act, 2063. A proposal to re-appoint the current auditor SAR Associates, Chartered Accountants, was also passed.
The meeting presented information regarding the appointment of independent directors in accordance with the Insurance Act, 2079, and also approved the services and facilities of the members of the Board of Directors, donations made by the company and expenses under corporate social responsibility. Citizen Life Insurance has reaffirmed its commitment to transparency and accountability towards shareholders by holding its AGM on time and distributing dividends.
