Thank you to those who participated in this year’s AGM on 21 November 2023.
The following three resolutions were put forward to be voted upon:
Directors’ remuneration
This resolution was for an increase in the Directors' remuneration pool which was last set by shareholders in 2016. No increases have been proposed since 2016. The proposed increase this year was 5%. The Board referenced the Consumer Price Index, the Wage Price Index and a very widely used industry Remuneration Survey to assist them in their decision and considers this increase to be reasonable and appropriate.
Amendments to Constitution - Quorum
This resolution was to reduce the quorum required for a general meeting of shareholders from 30 to 10. While the intention behind a quorum is to ensure the active participation of a sufficient number of shareholders, due to declining attendance at our AGMs, the current threshold poses challenges to addressing the business that must be considered at general meetings. If the quorum is not reached, the meeting must be adjourned, and additional time and costs will be incurred. Accordingly, it was proposed to reduce the quorum to 10 shareholders.
Amendments to Constitution - Directors
The Board of Directors is ultimately responsible for oversight of the sound and prudent management of QBANK. The Board must ensure that Directors and senior management collectively have the full range of skills needed for effective and prudent operation of the business. For example, the Board and Management collectively need experience in running a financial institution, skills in finance, treasury, technology, cyber security, digital marketing, legal, risk management etc. The amendment enables us to access 3 Directors to fill any skills gap we think we have at any point in time. The Board feels that this amendment is imperative to the Board exercising its legal obligations.
The results of the three resolutions are as follows:
