Family Bank shareholders overwhelmingly supported the company’s growth strategy after adopting all the resolutions put forth at the 10th Annual General Meeting (AGM) held on June 29th 2017 at the Kenyatta International Convention Center.
The shareholders supported the non-payment of dividends for the Year Ended December 31st, 2016 after fully agreeing with the Board of Directors that the banking sector as a whole has gone through turbulent periods hence the need retain profits to further strengthen liquidity ratios.
“Though the performance may not be what we expected, nevertheless, it signified the resillience and the potential of our company. The unstinting support and great encouragement by our customers, employees and shareholders during a particularly tough year clearly demonstrates the confidence in the Bank,” said Dr. Wilfred Kiboro, the Chairman of the Board of Directors.
Dr. Kiboro challenged Shareholders to not only be the Bank’s ambassadors but also make Family Bank their primary bank as a solid way of supporting the Board in efforts to raise additional capital.
The shareholders noted the retirement of two directors; Prof David Kimutai arap Some who served the Board for 11 years and Mr. David Kimani having served for a period of 6 years. Both were praised for their selfless service to the Board. The shareholders also approved the appointment of Mr. Lazarus Muema, a Financial and pension expert, as a Director.
In addition, the shareholders approved the recommendations of the Board of Directors for the appointment of PriceWaterhouse Coopers as the new company’s external auditors replacing Deloitte who have served the maximum term per the CBK Prudential Guidelines.
The Managing Director and CEO Dr. David Thuku paid a glowing tribute to the bank’s members of staff for remaining focused and charged to deliver the promise to customers.
“I thank our staff for the zeal and their unshakable loyalty that enabled us to realise the gains. I also thank our customers for the unwavering support and loyalty to Family Bank,” said Dr. David Thuku.