Joe Zrinzo and Mario Grima, the newly elected directors.

Mario Grima and Joe Zrinzo were elected to the board of Bank of Valletta by shareholders at the annual general meeting, replacing Ann Fenech who did not contest, and George Portanier, who has served on the board for decades.

Taddeo Scerri and chairman John Cassar White were reappointed by the government, while Roberta Cassata was appointed by UniCredit until the 2015 AGM.

Joseph Borg, Paul Testaferrata Moroni-Viani, George Wells and Franco Xuereb were re-elected.

Responding to questions from the shareholders, Mr Cassar White made it clear that the current dividend policy – a third of profits – might need to be reviewed in order to ensure the bank had the right levels of capital to meet regulatory ratios and ensure a sufficient buffer. He said various credit rating agencies and entities had pointed out that the bank had a concentration of its security in property, posing a risk in such a small economy.

He also announced that for the next financial year, the bank would issue a call for auditing services, rather than automatically renewing Deloitte’s contract, a contract they have had for the past 25 years.

Responding to various comments about the property fund, including a tirade by Paul Bonello, the man who spearheaded the campaign for compensation, Mr Cassar White made it clear that the bank would henceforth be much more proactive when there were complaints.

“Complaints will generate an internal review. This aspect will be given a lot more importance from now on,” he vowed, adding that the sale of investment products would be completely revamped.