On December 3, 2022, Metemamen Microfinance Institution S.C. held its fourteenth Shareholders’ regular General Assembly Meeting at the ECS headquarters. A total of 46 shareholders including representatives of an assortment of Catholic Church vicariates from the major regions, various individuals, and staff of the institution with shares attended the general assembly meeting.
Ato Bekele Moges, chairman of the institution’s board of directors, welcomed everyone in attendance and let the meeting convene with prayer, as is the revered custom of the gathering.
All items on the agenda of the ordinary General Assembly were approved during the meeting, unanimously which includes the approval of the new shareholder, the Board report, approval of the external audit report, and the approval of the new board of directors
Ato Bekele then presented the Board of directors’ report to the general assembly. In addition, the external auditor presented the audit report for the financial year that ended June 30, 2022. According to the reports of the Board of directors and external auditor, the performance of the institution for the financial year that ended June 30, 2022, was superbly encouraging in the face of the challenging economic and political environment of the county.
The Board Chairman underlined that the institution has steadily improved in all areas of operation despite the challenging economic circumstances, particularly the surging inflation and the political upheaval in the major regions of the country where the institution significantly operates. These considerable challenges caused a dearth of loanable funds and saving pressure.
After the presentation of the two reports, the shareholders raised several questions and comments on the performance of the institution.
In addition to a thorough discussion of the institution’s performance for the year over the audit report, the shareholders unanimously approved the Board’s suggestions about the nomination of new Board of Directors members. The institution’s new board of directors has been selected following the NBE’s stipulated rules, and nine new members have been unanimously confirmed as board members.
The assembly finally adopted the Minutes given by the secretary of the assembly.
