Dubai, UAE — The National Bank of Fujairah (NBF) has approved the distribution of bonus shares valued at AED120 million, which is equivalent to profit of 6 percent of the paid-up capital.
The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic, the Islamic banking window of NBF.
They also discussed and approved the bank’s Corporate Governance Report and the consolidated financial statements for the year ended 31st December 2022, WAM reported.
The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023. The Board of Directors’ remuneration proposal of 1.6 percent of the net profit, after deducting all depreciation and reserves, for its members was also approved.
Additionally, the bank’s Board of Directors were elected for the next three years. A new Independent Non-Executive Board member was appointed and elected by the shareholders, to bring the composition of the Board into line with new Corporate Governance regulations and ensures that one-third of the members of the Board are classified as independent.
Sheikh Saleh bin Mohamed Al Sharqi, NBF Chairman, said, “Despite the ongoing challenges in the global business environment, NBF achieved record results in 2022, producing its best-ever operating performance. This is an accomplishment all of us are extremely proud of and proves that NBF’s strategy for future growth is well and truly on course.”
