The BCR is to pay 367 million RON in dividends for 2006, which will equal around 110 million euros at the current exchange rate, almost 2.2% higher than in 2005. The decisions were made at the General Meeting of Shareholders yesterday.
The value of the dividend per share is 0.4624 RON compared with 0.4541 RON in 2005.
The shareholders also approved distributing the profit and setting the dividend level for the 2006 fiscal year. The net profit to be distributed, calculated under the Romanian accounting standards stands at 662,268,199 RON, of which 367,926,777 RON will be disbursed as dividends (55.56% of the total), according to the spending and revenue budget. The shareholders approved 294,341,422 RON (44.44% of the total) to be set aside for fund development, the same S&R budget shows.
The GM also approved the appointment of Ernst & Young as the financial auditor of the bank for the financial years ending December 31, 2007 and December 31, 2008. As for the new component of BCR SA's Supervisory Board, the shareholders elected five of the seven members for a three-year term from April 23, 2007. Erste Bank, the majority shareholder, according to BCR's Incorporation Document, nominated the five members. The Supervisory Body can still operate with 5 members, as long as the necessary quorum is met.
The five members are Andreas Treichl, CEO of Erste Bank, Peter Kisbenedek, CFO of Erste Bank, Herbert Juranek, head of Erste Bank's Organisation and IT Department, Bernhard Spalt, head of Erste Bank's Risk Management Department and Daniel Daianu, professor of economics.
The other two positions in the Supervisory Board could not be filled because the SIFs (financial investment companies) nominated only four people, which does not comply with the provisions provided within the Incorporation Document. The document stipulates that the SIFs must nominat
