Ahantaman shareholders reject BOD's proposals

Agona Nkwanta (W/R), July 7, GNA- Shareholders of the Ahantaman Rural Bank on Saturday massively voted against a proposal by the Board of Directors for an increase in sitting allowances from the present GH 13 cedis (130,000 cedis) to GH 50 cedis (500,000 cedis). They also voted against the Board of Directors monthly fees of GH 150 cedis (1.5 million cedis).

Mr. John K. Nketsia, a shareholder was the first to speak against the increases at the 19th annual general meeting of the Ahantaman Rural Bank at Agona Nkwanta, saying that the fees were too high and should be reduced in order to safeguard the banks resources. He proposed that the bank's Director should rather receive GH 25 cedis (250,000 cedis) while other members should receive GH 20 cedis (200,000 cedis) as sitting allowances.

The shareholders stressed that such proposals could be re-evaluated in the future.

The shareholders said the Director's fee, which was being proposed for the first time, would have an effect on the finances of the bank since the amount would have to be paid to all the nine directors on a monthly basis.

Not even the explanations from some members of the board could persuade the shareholders to rescind their decision and when the vote was taken, they massively voted against the increases and recommended rather reduced allowances and fees. The shareholders however agreed to pay GH 1,000 cedis (10,000,000 cedis) to all retiring Directors of the bank for their meritorious services.

The Board Chairman Mr. Joshua Ackah, and other dignitaries thanked the shareholders for the contributions. 7 July 07