HNB clarifies report on AGM battle; says Chairman acted right

Friday, 1 April 2016 01:02 - - {{hitsCtrl.values.hits}}

Hatton National Bank (HNB) yesterday clarified Daily FT report on developments at its Annual General Meeting held on Wednesday and insisted the Chairman acted right.

We refer to your article in the Financial Times dated 31March under the caption ‘HNB AGM turns into battle as re-election of 4 Directors goes for contentious vote’ and would like to clarify and place on record the following:

1. In respect of the resolution for the re-election of:

nMrs. Rose Cooray, 56.40% votes were cast in favour of the resolution and 15.11% votes were cast against

nDr. L.R. Karunaratne, 38.82% votes were cast in favour of the resolution and 32.72% votes were cast against

nMr. Sujeewa Mudalige, 38.76% votes were cast in favour of the resolution and 32.78% votes were cast against

nMr. D.Soosaipillai, 38.80% votes were cast in favour of the resolution and 32.73% votes were cast against

and accordingly each resolution was carried with the requisite majority;

2. With regard to the vote of the Employees’ Provident Fund (EPF), such vote was cast as specifically directed by the EPF in its proxy form lodged with the Company.

3. With regard to the several other shareholders who had sent in proxies giving authority for the Board of Directors, their votes were also cast as specifically directed by the shareholders in their proxy forms lodged with the company.

4.In carrying out the instructions of the shareholders and conducting the proceedings of the meeting, the Chairman RienzieArseculeratne acted with independent legal advice provided by corporate counsel.