By Peter Egwuatu

Shareholders of Nigerian Exchange Group Plc, NGX, yesterday, at its 60th Annual General Meeting (AGM), approved the proposal by its Board of Directors to introduce equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan.

In addition to the re-election of the Non-Executive Directors who were retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the former Nigerian Stock Exchange (NSE).

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Commenting at the virtual AGM,  Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo, stated:  “This meeting is also historic in that it marks the first time in the history of the NGX Group that its AGM will hold outside the hallowed confines of the Exchange House in Lagos and we have chosen the Federal Capital Territory – Abuja – in recognition of the integral role the Federal Government of Nigeria played in actualising the demutualisation of NSE and its support in establishing NGX Group.

“Despite the global pandemic and other economic shocks, it is indeed noteworthy that we have already begun to actualise the benefits of demutualization, including the alignment of stakeholders’ interests in the value created by the new Group under a revised Corporate Governance framework.”

Speaking on the outcome of the AGM, Ogunbanjo further said: “We received approval of new equity-based incentive schemes for employees which are in line with the authority granted to directors by then members of NSE at an Extraordinary General Meeting (EGM) conducted in March 2020 and adhere to global best practices allowing us to attract and retain the best talent.”

Also speaking, Group Managing Director/Chief Executive Officer, NGX Group Plc, Oscar N. Onyema, said: “Our 2020 results reflect the challenging macroeconomic and market conditions, as well as operational resilience of the Group with income and resulting surplus after tax valued at N6.02 billion and N1.84 billion respectively.”