Joint Annual General Meeting of the Shareholders of XacBank and TenGer Financial Group
The joint Annual General Meeting (“AGM”) of the Shareholders of XacBank and TenGer Financial Group was held on 24 May 2012 in Ulaanbaatar, Mongolia with a quorum of 99.99 percent.
The AGM approved the 2011 annual operational and financial results and the 2011 audited financial statements of XacBank.
The AGM considered the distribution of a dividend for 2011 and resolved not to pay a dividend for 2011.
The AGM confirmed the effective directorships of Mr. Bat-Ochir Dugersuren as an executive board director and of Mr. Bold Magvan and Mr. Michael Madden as an non-executive board directors, elected Ms. Saran Binderiya as an independent non-executive board director and re-elected Mr. Chuluun Ganbold, Mr. Richard Ranken, Mr. Arvid Tuerkner, Ms. Erdenejargal Perenlei and Ms. Sarah Djari as non-executive board directors.
The AGM approved the 2012 remuneration of the Board of Directors.
The AGM approved the amendments to the Charter of XacBank made in accordance with the renewed Company Law of Mongolia.
