When the board of Standard Chartered Bank Zambia meets with shareholders during the forthcoming e-AGM, they will be pushing forward a “No-Dividend” resolution, according to a SENS announcement from the bank.
“Resolution 3 – Dividend: To approve recommendation from the Board of Directors not to declare a dividend for the year ended 31 December 2019“, read a statement from the SENS announcement published on 11 August 2020 issued by Rose N Kavimba, the company secretary, in Lusaka.
Recently, the bank reported a ZMW225m loss as at June 2020 due to credit and risk impairment charges.
The bank is scheduled to host its 49th AGM in respect of the period ended 31 December 2019, which was postponed on account of the COVID-19 pandemic, will be conducted through an eAGM electronic platform.
In the spirit of belt-tightening, the Board has also elected not to increase their paycheque for the coming financial year. “Resolution 6 – Remuneration of the Directors To authorize the Board to fix the remuneration of the Directors”.
With ongoing restructuring changes at Stanchart, the digital bank continues to strongly forge ahead in its digital journey as this global bank continues to lean on its investment in digital infrastructure to generate profits.
