Fidelity Bank’s shareholders have approved N60m as a new compensation package for its chairman for the 2024 fiscal year.
This was disclosed in a document filed with the Nigeria Exchange Group titled ‘Resolutions from the 36th annual general meeting on Monday.
Also, each non-executive director will earn N40m per annum.
The bank said the resolution would remain in effect for succeeding years until the company reviews it at the annual general meeting.
The resolution read, “That non-executive directors’ compensation be and is, hereby, fixed at N40m for each non-executive director and N60m for the chairman for the fiscal year ending December 31, 2024, and succeeding years until reviewed by the Company in the Annual General Meeting.”
The directors of Fidelity Bank also proposed a final dividend payout of 60 kobo per share to shareholders for the 2023 financial year, representing a 20 per cent increase from last year’s dividend.
Fidelity Bank’s profit before income tax rose by 131.49 per cent to N124.26bn from N53.68bn in 2022.
SOURCE: PUNCHNG
