Following the AGM held on 24th February 2018, below are the key outcomes and resolution made:
1. Distribution of Rebates: 35% to be paid as per policy by 15th Mar 2018 and a special dividend of 25% to be paid by 30th June 2018, making the total pay-out, 60%.
The retained 40% will be reinvested back as primary shares backdated to February. The 60% (The payables; both 35% and 25% reinvested) will be used to buy secondary shares. As members will advise on preference, all non-responses will be directed to the Interest Earning Deposit Account.
2. Borrowing Powers: increased from Kshs. 1 Billion to 2Billion
3. Share Price: retained at KES 525.
4. Minimum Shares for Membership: minimum shares for individual membership reduced from 300 shares to 100 shares.
5. Treatment of Monthly Contributions: the minimum monthly contribution, currently at KES3000 to be allocated to shares and the balance to be taken to the interest earning deposit account.
6. Board Indemnity: the amount was retained at KES 3,000,000 per board member.
7. Non Safaricom Staff Members Representation in the Board: the number was revised to three on the board from one and one in the Supervisory Committee.
1. The Return for the Year: a return of 18%, being KES 446M was achieved.
2. Shares Trading Flow Mitigation: to facilitate a better flow of shares traded in the secondary market, the following steps are to be taken:
a. Primary shares issuance will be put on hold pending the secondary market backlog being cleared.
b. All minimum monthly contributions will be allocated shares from the secondary market.
c. All new members will be issued with shares from the secondary market instead of the primary market.
3. Board Election: The following were elected
a. Board: Peter Gichangi , Rebecca Bisanju Khakina and James Gathumbi
b. Supervisory Committee George Mochache.
4. Delegates System: the proposal by the Board to adopt the delegates system was referred back for more information. The Board was tasked to get more information and socialize members on the same ahead of the next AGM, for their review and due consideration.