During the 58th Annual General Meeting held at Serena Hotel on July 6, shareholders of dfcu Limited voted overwhelmingly to increase the remuneration for the company’s chairman and directors.
In the virtual AGM, attended by 685 shareholders, the annual pay for the company chairman was raised by 20% from US$25,000 to US$30,000, while the directors’ annual pay was increased by the same percentage from US$12,500 to US$15,000. Additionally, the committee meeting fees for both the chairman and directors saw an 11% and 14% raise respectively.
The sustainability report for 2022, launched during the meeting, showcased dfcu Limited’s collaborative effort with private sector partners, including MTN Uganda, Uganda Breweries Limited, and Uganda Communications Commission, through the Corporate Society for Safe Motherhood (CSM). The initiative aims to improve maternal healthcare by equipping 26 health clinics nationwide with essential equipment and mama kits.
Experts in the investment field deem the pay raise justifiable, considering the significant role directors play in supporting business growth with their industry experience.
The report also provided information on dfcu Limited’s directors, including Chairman Jimmy Mugerwa, Christine Akello Echookit, Kironde Lule, Friedrich Pelser, Barbara Teddy Arimi, Aminah Zawedde, and George Ochom.
Among other resolutions passed, shareholders approved a final dividend payment of approximately Shs8.19 per share for the year ended December 31, 2022. Ernst and Young were also re-appointed as the External Auditors for the year 2023.
Despite the challenging global economic environment, dfcu Limited reported robust financial results for the fiscal year ending December 31, 2022. Profit after tax grew by 217% year-on-year, loan impairments reduced by 41%, and total assets grew by 3%.
Moving forward, the company plans to focus on executing its strategy to transform lives and businesses in Uganda, improve risk management, invest in technology, and nurture talent.
