National Bank of Fujairah approves dividend for 2022

  • Date: 17-Mar-2023
  • Source: Emirates News…
  • Sector:Financial Services
  • Country:UAE
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National Bank of Fujairah approves dividend for 2022

AJMAN, 17th March, 2023 (WAM) -- The National Bank of Fujairah (NBF) held its Annual General Assembly Meeting on Thursday, where shareholders approved the distribution of profits of 6% of the paid-up capital by way of bonus shares (AED120 million).

The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic, the Islamic banking window of NBF.

They also discussed and approved the bank’s Corporate Governance Report and the consolidated financial statements for the year ended 31st December 2022.

The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023. The Board of Directors’ remuneration proposal of 1.6% of the net profit, after deducting all depreciation and reserves, for its members was also approved.

Additionally, the bank’s Board of Directors were elected for the next three years. A new Independent Non-Executive Board member was appointed and elected by the shareholders, to bring the composition of the Board into line with new Corporate Governance regulations and ensures that one-third of the members of the Board are classified as independent.

NBF also released its Environmental, Social, and Governance (ESG) report for the year 2022. The report, aligned to the Global Reporting Initiative standards

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