BCL AGM Signed Minutes 2023
BCL AGM Signed Minutes 2023
Report Summary
The 72nd Annual General Meeting on June 1, 2023, confirmed a strong quorum and reviewed the Company's 2022 performance, acknowledging a challenging year marked by flat turnover and reduced operating profit due to high costs and market disruptions. Despite these challenges, the Group Managing Director highlighted strategic achievements in professionalizing construction, product innovation, major infrastructure project partnerships, and robust sustainability and human rights initiatives. Shareholder concerns about decreased dividends, rising operational costs (clinker excise duty and electricity), and succession planning were addressed, with the company proposing a KES 0.75 dividend, outlining plans for solar energy investment to mitigate costs, and affirming its strong internal succession processes. The meeting concluded with the re-election of key directors, the appointment of audit committee members, and the re-appointment of Ernst & Young as auditors, with all ordinary resolutions successfully passed.