Kathmandu. KATHMANDU: The ninth annual general meeting of Citizen Life Insurance Company Limited has been concluded. The meeting was held at Amrapali Banquet, Bhatbhateni, Naxal, Kathmandu.
The company has decided to distribute Rs 1 billion cash dividend (including tax) to 20 percent of the current paid-up capital of Rs 5 billion from the distributable profit of the last fiscal year. The meeting passed the proposal.
The AGM also discussed and endorsed the annual report of the Board of Directors for the fiscal year 2081/82 along with the statement of the Chairman. The meeting has discussed and approved the financial statement along with the auditor’s report along with the balance sheet, profit or loss account, changes in equity and cash flow statement and related schedules.
The meeting also passed a resolution to appoint an external auditor as recommended by the Audit Committee for the fiscal year 2082/083 pursuant to Section 111 of the Companies Act, 2063 and determine his/her remuneration (the current auditor would be eligible for re-appointment as SAR Associates, Chartered Accountants).
The AGM passed a proposal to approve the appointment of independent directors, the information about the appointment of independent directors, facilities of the board members, donation made by the company and expenses under corporate social responsibility as per the Insurance Act, 2079.
