Kathmandu. In order to endorse the proposed dividend, Nepal Reinsurance Company Limited (Nepal Re) has announced the date for annual general meeting on Thursday 30th of Bhadra 2079. The AGM will be held at Karki Banquet, Kathmandu.
A proposal is being submitted to distribute a total of 5.2632 percent dividend from the profit of the FY 2077/78 as a bonus of 5 percent of the current paid-up capital and 0.2632 percent in cash for tax purposes. Currently, Nepal Re’s paid-up capital is Rs. 11.65 billion. After the distribution of the proposed bonus shares of Rs. 582.5 million, the paid-up capital will reach Rs. 12.23 billion. Earlier the company had distributed 16.5 percent bonus shares and 2.5 percent cash dividend from the accumulated profit till FY 2076/77.
The AGM will discuss and pass the annual report of the BODs for the FY 2077/78, the balance sheet, with the auditor’s report, the profit and loss account and cash flow statement of the previous financial year and the schedules related to the financial statement of the same period will be discussed in the AGM.
The AGM will appoint TR Upadhya & Company, Chartered Accountants, as external auditor for the financial year 2078/79 and determine their remuneration as per section 111 of the Companies Act, 2063.
Likewise, the proposed agenda for the AGM includes the approval of the money spent under corporate social responsibility and also approve the appointment of an independent expert director by the BODs, according to subsection (1)(c) of section 105 of the Companies Act, 2063.
In the meeting, there is a proposal to delegate authority to the BODs for any changes in the AoA and MoA of the company following the instruction from Government of Nepal or the regulatory bodies.
The Government of Nepal owns majority of shares of Nepal Reinsurance.