Annual General Meeting of the Shareholders of XacBank
2015.03.26
The Annual General Meeting (“AGM”) of the Shareholders of XacBank was held on 26 March 2015 from 9.30am to 5pm in Suld Hall, 4/F, Best Western Tuushin Hotel, Ulaanbaatar, Mongolia with an effective quorum of 100 percent.
The AGM approved the 2014 annual operational and financial results and the 2014 audited financial statements of XacBank. The AGM considered the distribution of a dividend for 2014 and resolved to distribute a dividend for 2014 subject to approval from the regulator – The Bank of Mongolia.
The AGM considered and resolved to approve the re-election of Ms. Tselmuun Nyamtaishir, Mr. Michael Madden and Mr. Bold Magvan on the Board of Directors of XacBank.
The AGM considered and resolved to approve the budget of the Board of Directors of XacBank for 2015.
The AGM approved also the amendment to the charter of XacBank to increase the number of independent directors on the board of directors to 3 and more directors in accordance with the Joint Order of the Governor of Mongolbank, Minister of Finance and Head of the Financial Regulatory Commission.
