FimBank AGM approves executive share option scheme

FimBank plc, the Malta-based specialist trade finance banking group, last week held its annual general meeting where shareholders considered and approved all the ordinary and special business presented, including the payment of a scrip dividend. All the incumbent directors were confirmed in office.

Under the special business, the meeting approved an extraordinary resolution for the creation of a new executive share option scheme for the years 2011-2015, as well as rules to govern the new scheme.

The meeting was introduced by the chairman of the FimBank Group, Najeeb Al Saleh. Referring to the group's performance for the 2009 financial year, he explained how FimBank had remained clearly focused on international trade finance and chosen to preserve liquidity rather than pursue business which could have improved its revenue now but presented the group with inordinate risks later.

Mr Al Saleh acknowledged the fact that FimBank has "...again benefited from operating within the framework of rigorous risk management policies and a well-regulated environment which continued to characterise the Maltese banking system as one of the soundest in the world". The FimBank chairman also referred to ongoing projects and future investment plans of the group.

While stating that the group is "well capitalised for its foreseeable development", Mr Al Saleh went on to explain that "the board of directors views its dividend recommendation as a bridge between the past and the future - maintaining rewards to shareholders even in challenging times because there is confidence in the business strategy over the medium to long term."

When the meeting proceeded with its agenda, the first item - approval of 2009 consolidated audited financial statements - was accompanied by a presentation by FimBank president Margrith Lütschg-Emmenegger, who went on to highlight the fact that FimBank was one of the few banks world-wide which maintained its ratings in 2009-2010.