Metemamen Microfinance Institution S.C. Hosts 15th Ordinary and 11th Extraordinary Shareholders’ General Assembly Meeting
Date: December 23, 2023
Venue: ECS Headquarters
On December 23, 2023, Metemamen Microfinance Institution S.C. held its fifteenth ordinary and eleventh extraordinary 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.
During the ordinary General Assembly, all agenda items garnered unanimous approval. These items included the endorsement of share purchases for both new and existing shareholders, approval of the Board’s report, the external audit report, determination of board allowances, allocation of profit dividends for the fiscal year, distribution of cumulative retained earnings profit dividends, and authorization of the external auditor for the upcoming three years.
The Extraordinary agenda items were also uniformly ratified by the attendees, encompassing the modification and consolidation of the memorandum and articles of association in conformity with the provisions outlined in the new Commercial Proclamation number 1243/2013 E.C.
Ato Bekele subsequently delivered the report of the Board of Directors to the general assembly. Furthermore, the external auditor presented the audit report for the fiscal year concluding on June 30, 2023. As per the accounts provided by the Board of Directors and the external auditor, the institution’s performance for the aforementioned fiscal year, despite the formidable economic and political conditions prevailing in the county, was notably commendable.
After the presentation of the two reports, the shareholders also thoroughly discussed on the presented new memorandum of association and raised several questions and comments on the document.
The meeting concluded by adopting the minutes prepared by the assembly secretary, ensuring the formal documentation of the proceedings.
