First Capital gears up for AGM, announces board re...

First Capital gears up for AGM, announces board reshuffle and dividend

Nyashadzashe Ndoro

Chief Reporter

First Capital Bank is set to convene its 43rd Annual General Meeting virtually on June 12, 2024.

The meeting will see shareholders participate online to vote on resolutions regarding financial statements, dividends, board member re-elections, and an amendment to the Articles of Association.

The AGM comes with a changing of the guard on the FCB board. Patrick Devenish and Kevin Terry, both long-tenured independent non-executive directors, will be stepping down.

However, they have both offered themselves for re-election, allowing shareholders to decide on their continued service. Meanwhile, Mahendra Gursahani, a non-executive director, also seeks re-election.

FCB directors have proposed a final dividend of US$0.22 cents per share, bringing the total dividend payout for the financial year ended December 31, 2023 to US$0.36 cents per share. Shareholders will be asked to confirm this dividend payment during the AGM.

As required by Zimbabwean regulations, FCB will need to appoint new auditors since Deloitte & Touche have completed their five-year term. Ernst & Young Chartered Accountants (Zimbabwe) have been nominated to take over the audit responsibilities.

FCB is encouraging all shareholders to participate in the virtual AGM.

The company will be requesting shareholders to consider and adopt the Financial Statements and Report of the Directors and Auditors for the financial year ended 31 December 2023.

The bank also states that the electronic copies of Company’s 2023 Annual Report, the financial statements and the Directors and independent Auditors reports are available on the Company’s website.