Citizen Life Insurance holds AGM, approves Rs 1 billion dividend
During the meeting, detailed discussions were held on the annual report of Fiscal Year 2081/2082, including the chairman’s remarks.
KATHMANDU: Citizen Life Insurance Company Limited today successfully held its 9th Annual General Meeting (AGM).
According to the company, the meeting took place at Amrapali Banquet, Naxal, Kathmandu.
The AGM approved a proposal to distribute a cash dividend of Rs 1 billion (including tax) from the distributable profit of the previous fiscal year, equivalent to 20% of the company’s paid-up capital of Rs 5 billion.
During the meeting, detailed discussions were held on the annual report of Fiscal Year 2081/2082, including the chairman’s remarks.
The shareholders also approved the auditor’s report, as well as the statement of assets, profit and loss account, changes in equity, cash flow statements, and related schedules for the period.
In accordance with Section 111 of the Company Act, 2063, the AGM approved the appointment of an external auditor for Fiscal Year 2082/2083, based on the recommendation of the Audit Committee.
The current auditor, SAR Associates, Chartered Accountants, was reappointed.
Additionally, the meeting presented information on the appointment of independent directors as per the Insurance Act, 2079, and approved the benefits of board members, donations made by the company, and expenditures under Corporate Social Responsibility (CSR).
Citizen Life Insurance emphasized that by conducting the AGM on time and distributing dividends, it has reaffirmed its commitment to transparency and accountability toward its shareholders.
