First Citizens reveals the reasons for a special meeting | Local company

First Citizens Group Financial Holdings Ltd has scheduled a special meeting, to be held on September 28, 2022, to conduct the election and re-election of directors and the appointment of the company’s auditor.

In a statutory notice dated September 14, 2022, the majority public bank announced that the special meeting was being held “in accordance with paragraph 13.2 of the company’s articles of association 1”.

The election of directors and the appointment of the company’s auditor normally take place at the annual meetings of publicly traded companies.

The First Citizens Group has yet to announce the date of its 2022 annual meeting, which would be the bank’s 25th.

The bank held its last annual meeting, its 24th, on June 30, 2021. Its 23rd annual meeting was originally scheduled to be held on March 17, 2020, but was postponed due to the Covid-19 pandemic. This meeting took place on June 10, 2020.

Shareholders attending the special meeting will be asked to approve a resolution appointing retired professional accountant Colin Wharfe, who worked at PricewaterhouseCoopers (PwC) for more than 30 years, as director of the bank.

According to a biography published on the First Citizens website, Wharfe has held a variety of management, client-facing and functional positions at PwC, including Senior Assurance Partner, Technical Lead (Audit and Financial Reporting) and main human capital partner.

He was also responsible for the firm’s energy sector practice during the sector’s aggressive growth period.

“His experience as a senior partner and/or relationship partner included a wide variety of large audit and advisory engagements, including listed entities, financial services, manufacturing as well as large multinational and industry clients. public,” the biography on the First Citizens website said. .

He added that his areas of expertise include accounting and financial reporting, governance and compliance.

Wharfe is a member of the Council of the University of the West Indies and a member of its audit committee.

He is also a director on the board of the Victoria Mutual Building Society in Jamaica and sits on the financial institution’s audit, digital and IT committees.

Bank shareholders will also be asked to approve a resolution re-electing the following directors of First Citizens:

• Anthony Smart

• Courtenay Williams

• Savitree Seepersad

• Idrees Omardeen

• Troy Garcia

• Jayselle McFarlane

All existing directors must be re-elected “for a term expiring no later than the close of the third annual meeting of shareholders” following their election, subject to Section 4.8 of By-Law 1 of the Corporation.

The meeting will also vote on a resolution to appoint PwC as the company’s auditors.

If the directors and the audit firm meet the approval of Corporation Sole, they are certain to be elected (in the case of Wharfe) or re-elected in the case of the six existing directors. This is because the government, through Sole Corporation, owns a majority stake in First Citizens.

After the initial public offering of 10,869,565 common shares by the government, its stake in the bank was reduced to 151,077,325 shares equivalent to 60.11% of the bank’s share capital. The National Insurance Board of T&T is the second largest shareholder in First Citizens with an approximate 8% stake.