{"id":322776,"date":"2017-05-26T15:58:37","date_gmt":"2017-05-26T15:58:37","guid":{"rendered":"http:\/\/citifmonline.com\/?p=322776"},"modified":"2017-05-26T15:58:37","modified_gmt":"2017-05-26T15:58:37","slug":"gcb-shareholders-reject-ghs4m-remuneration-for-board","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/05\/gcb-shareholders-reject-ghs4m-remuneration-for-board\/","title":{"rendered":"GCB Shareholders reject GHS4m remuneration for board"},"content":{"rendered":"
Angry shareholders of GCB have rejected a decision of a new Board of Directors to increase their remuneration from GHS2.5 million annually to GHS4 million annually, representing 64 percent surge.<\/p>\n
Some of the shareholders who were not enthused about the proposed increase voted overwhelmingly against the motion at an Annual General Meeting(AGM) held in Accra.<\/p>\n
Making suggestions on the floor, some demanded for reasons in the increase since the old board which was dissolved this year last increased their remuneration in 2013.<\/p>\n
The Board Chairman, Mr. Jude Kofi Arthur after a brief consultation with other members on the board suggested a head count of\u00a0 the shareholders against the motion, but beat a retreat, upholding the decision.<\/p>\n
\u201cThe board proposes fees, the board is appointed by the shareholders to run the affairs of the company, and therefore all key issues as stated in law, it must come to the \u00a0shareholders for approval. The directors did the right thing by looking at the economy and proposing benchmarks for approval by the shareholders. The shareholders by their wisdom looked at it and felt by show of hands that they will not approve it. \u00a0We have to go and look at it and then come back to them,\u201d he said.<\/p>\n
Mr. Arthur admitted that the rejection may have been caused by the inability of some shareholders not receiving an earlier report dispatched to them via mail as required by the Ghana Stock Exchange.<\/p>\n