Management of GCB Bank Ltd. has postponed a planned Annual General Meeting (AGM) indefinitely. The bank’s AGM was scheduled to come off on, 29th May,2020.
“Notice is hereby given that the Banks Annual General Meeting scheduled for 29th May 2020 has been put on hold,” a statement from the bank copied to Busineweekghana.com stated.
The postponement has become necessary due to the Imposition of Restrictions Act, 2020 (Act 1020) which gives a legal backing on the imposition of restrictions on persons in the imminence of an emergency, disaster or similar circumstances to ensure public safety, public health and protection. Also the directive on public gatherings given on March 15, 2020 by President Nana Addo due to emergence of COVID-19 pandemic and subsequent extensions. As well as the Ghana Stock Exchange circular No.001/2020 issued on 16th March, 2020 on adherence the President’s directive with regard to the holding of Annual General Meetings.
According to the statement, “The bank’s decision to put the AGM on hold is a way of responding to the risk associated with the COVID-19 in the country and to ensure the health and welfare of its shareholders, directors, employees and other stakeholders”.
“The board will continue to monitor the situation and determine a new date as and when deem necessary for the AGM and same would be communicated to shareholders in due course,” it noted.
Source: Kofi Ahovi/businessweekghana.com