WorldStage Newsonline– Wapic Insurance Plc on Monday announced the resolutions passed at its 61st Annual General Meeting held in Lagos on Wednesday August 12, 2020 which include the name change from to Coronation Insurance Plc.
In a notification to the Nigerian Stock Exchange signed by Mary Agha, Company Secretary, the Memorandum and Articles of Association of the company is to be amended to reflect the new name with the directors given the authority to do all things necessary to give effect to the resolution including obtaining all regulatory approvals thereon.
Other resolutions said to have been passed at the AGM include, That the Audited Financial Statement of the Company for the year ended December 31, 2019 together and the Reports of the Directors, Auditors and Audit Committee thereon were received and approved; That the following Non-Executive Directors be re-elected: Mr. Bababode Osunkoya – Independent Non-Executive Director, Mr. Olusegun Ogbonnewo – Non-Executive Director, That the appointment of Mrs. Titilayo Osuntoki who was appointed as an Independent Non-Executive Director since the last Annual General Meeting be and is hereby approved, That the appointment of Mrs. Omosalewa Fajobi who was appointed as a Non-Executive Director since the last Annual General Meeting be and is hereby approved.
The meeting also approved the appointment of Ernst and Young as the External Auditors of Wapic Insurance Plc with effect from January 1, 2020 be and is hereby approved; That the Directors be authorized to fix the remuneration of the Auditors; That the election of (a) Mr. Chinwendu Achara; (b) Mr. Adeniyi Adebisi and (c) Mrs. Mary Joke Shofolan as shareholder representatives of the Statutory Audit Committee be and is hereby approved.
Moreover the Directors’ Fees for the financial year ending December 31, 2020 were said to have been be fixed at N6, 500,000.00.
The directors were also authorized to appoint an external consultant to conduct the Annual Board Performance Appraisal for the financial year ending December 31, 2020 in compliance with Article 5.07 (iv) of the National Insurance Commission Code of Good Corporate Governance for the Insurance Industry in Nigeria.