Oando Plc held today, Tuesday August 31, 2021, its 42nd annual general meeting to adopt resolutions on its 2018 financial reports as well as other ordinary business.
After the welcome speech, the President of the company, HRM Oba MA Gbadebo, CFR, raised the resolution to receive and adopt the audited financial result of the company and the group for the year ended December 31, 2018.
In his remarks and response to shareholder comments and inquiries from those attending and broadcasting the event live, Chief Executive Officer Jubril Adewale Tinubu commented on financial and quarterly data pending release and release since 2018 .
He said that the release of three quarterly results in 2019 was underway but was ultimately put on hold due to the fact that under SEC regulations, quarterly ones cannot be released in the absence of an audited base.
In addition, he assured that over the next six months there will be rapid disclosure information as the company rounds up with the audit and publication of financial statements from 2019 to 2020, after which the company will be prepared and ready. to comply in June 2022 to provide the 2021 financial statements on the due date.
In his commentary, he said that after the approval of “the 2019 financial statements, the quarterly ones will be published immediately, the audits will be completed and the notice for the 2020 financial statements to be done will be published, so that the quarterly ones for 2020 can be published.
Other resolutions adopted at the AGM include the re-election of directors, the election of audit committee members and the approval of the remuneration of non-executive directors.
Three (3) directors were re-elected by the shareholders present and by proxy, including HRM Oba MA Gbadebo. The annual remuneration of the chairman was set at 5 million naira, while for other non-executive directors it was set at 4 million naira.
A resolution was also adopted to give the directors the mandate to authorize transactions with related parties and interested persons. In addition, Ernst and Young has been reappointed as auditor of the company.