Today maib held its Annual General Shareholder Meeting (AGM) in Chisinau. Sufficient quorum was attained to empower the AGM to vote upon the proposed decisions. All resolutions presented at the AGM were passed with the requisite majority of votes.
The full results are detailed below:
- and 2. The Bank's Annual Financial Results and Supervisory Board Annual Report for 2023.
The shareholders voted to accept the Annual Financial Report for 2023 and to approve the Bank’s Supervisory Board Annual Report for 2023.
- The distribution of the Bank’s capital and the annual profit, including the payment of dividends for 2021-2023.
The shareholders voted in favor of the proposed dividend of MDL 7.30 per share. Total dividend distribution amounted to MDL 757 million. Record date for dividend distribution is set on 29 June 2024 meaning that shareholders on register as of that date will be entitled to the dividend payment. Dividend payment date will be communicated later, but will take place no later than 3 months after the AGM.
- The dividend policy for 2024.
The shareholders voted to accept the proposed profit distribution policy where by 30% to 50% of the Bank's 2024 profits is allocated to dividend payment subject to the approval by the National Bank of Moldova.
- Election of the members of the Bank's Supervisory Board.
The shareholders chose to renew the terms of 5 existing supervisory members namely:
- Vytautas Plunksnis, Chairman of the Supervisory Board, member of Risk committee, 6 year tenure with maib;
- Victor Miculet, Deputy Chairman of the Supervisory Board, member of Nomination and Remuneration committee, 26-year tenure with maib, including Chairman of Supervisory Board;
- Natalia Vrabie, member of Risk committee and member of Audit committee, 33-year tenure with maib in various capacities including CEO;
- Konrad Kozik, independent director, Chairman of Risk committee and member of Audit committee, 4 year tenure with maib;
- Vasile Tofan, Chairman of Nomination and Remuneration committee and member of Audit committee, 6 year tenure with maib.
Additionally, the shareholders appointed two new members to the Supervisory Board:
Andreea Pipernea - a senior executive with over 20 years of experience in financial services, including the role of CEO at NN Pensii, and holds an MBA from ASEBUSS Romania.
Madeline Alexander - an experienced audit and advisory partner, with a rich career spanning KPMG, Deloitte, and TGS Romania, currently leading audit and advisory projects and serving on boards of listed companies.
- Estimated costs of the Supervisory Board activity.
The shareholders approved the estimated costs of the Supervisory Board.
- Share buyback by the Bank.
The shareholders adopted the proposed share buyback of up to 5% of outstanding shares (5,188,170 shares) at a fair price. The term of the buyback is up to one year from adoption of the resolution. The buyback is subject to the approval of the National Bank of Moldova.
Vytautas Plunksnis, maib chairman, commented:
“We are delighted with the results of maib's AGM and extend our gratitude to our shareholders for their engagement and support. Our robust capital position enables us to distribute a substantial dividend and foster further growth. We are also pleased to welcome two seasoned professionals to our supervisory board, whose insights will significantly benefit maib's future direction. I would like to commend the maib team for their outstanding financial performance in 2023 and their ongoing commitment to our transformation journey.”
All the materials reviewed and the resolutions adopted at the meeting are published on the Bank's website in the information disclosure section.
About maib
Maib is the largest bank in Moldova, with a share of 36.7% of deposits and 37.7% of loans of the entire banking system at the end of 1Q 2023. Maib is a disciplined lender with NPL ratio of 2.1% and is well capitalised with CAR of 23.7% as of 31 March 2024. The Bank is of systemic importance to the country, it serves almost a third of the population and is one of the largest private employers in Moldova, with a workforce of over 2,400 people. Since 2018, maib's largest shareholder is a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic States, and Horizon Capital, a private investment fund focused on emerging markets.
