Basic principles of remuneration policy

DIVIDEND POLICY NIKOIL ICB OJSC

 

This dividend policy is developed in accordance with the current legislation of the Azerbaijan Republic and other applicable laws, the Bank’s Charter and the Bank’s internal regulatory documents.

The purpose of this dividend policy is to provide dividends, determine the size of payments, make decisions on the rules and terms transparent, and establish clear mechanisms for the Bank's shareholders.

The dividend policy is part of the Bank’s general management policy and is based on respect for shareholders stipulated by the current legislation of the Republic of Azerbaijan, internal documents of the Bank, and on the balance of interests in determining the payment of dividends of the Bank and its shareholders with strict protection of the rights of shareholders and is aimed at increasing the capitalization of the Bank and attracting investments.

The decision on the payment of dividends (announcement) determines the amount of dividends for one share in each category. Payment of declared dividends is the responsibility of the Bank. The Bank is liable in accordance with the legislation of the Republic of Azerbaijan to persons entitled to receive dividends for failure to fulfill these obligations.

 

BASIC TERMS AND CONDITIONS OF PAYMENT OF DIVIDENDS TO SHAREHOLDERS

Terms of dividend payment to shareholders of the Bank:

  • The presence in the Bank of net income to be distributed;
  • Limitations on the payment of dividends stipulated by the legislation of the Republic of Azerbaijan, as well as other restrictions contained in agreements of the Bank with third parties, in particular with foreign financial organizations;
  • When paying dividends, compliance with bank standards, which are not lower than the industry-wide standards of the banks of the Republic of Azerbaijan, the adequacy of the Bank's equity
  • Maintaining (supporting) the Bank's international credit ratings;
  • An audit of the financial statements of the Bank for the relevant period;
  • Decision of the general meeting of shareholders of the bank;
  • Inadmissibility of default on payments, which may lead to default on obligations of the Bank;
  • Inadmissibility of early response measures determined by the competent authority.

 

PROCEDURE FOR APPLICATION OF DECISION ON PAYMENT OF DIVIDENDS

  • The decision on the payment of dividends, the amount (declared) of dividends is taken by the General Meeting of Shareholders on the recommendation of the Supervisory Board.
  • The decision on the payment of dividends made by the General Meeting of Shareholders, as well as the voting results, are announced at the General Meeting of Shareholders, during the Meeting voting is carried out or by posting the voting results on the Internet on the Bank’s official website at nikoil.az and published in the media , in the form of a report on voting, the registrar shall be transferred to persons included in the list of persons entitled to participate in the general meeting of shareholders within 10 days after drawing up the protocol on the voting results.

DIVIDEND PAYMENT PROCEDURE

The decision on the payment of dividends on ordinary shares of the Bank should contain the following information:

  • Name, location of the Bank, bank and other details;
  • Dividend payout period;
  • The size of the dividend per ordinary share;
  • Date of commencement of dividend payment;
  • Rules and form of dividend payment;
  • The dividend payment deadline is not later than 30 days from the date the General Shareholders Meeting decided to pay dividends.

Dividends are paid to shareholders within 30 days of the decision on the payment of dividends. Dividends are paid in non-cash form by transferring to shareholders' bank accounts, as well as legal entities and individuals.

The amount of dividends accrued per shareholder is determined by multiplying the amount of dividends per share of a certain category by the number of shares owned by the shareholder.

The procedure for taxation of dividends paid to shareholders is determined for legal entities in accordance with the tax legislation of the Republic of Azerbaijan.

In case of amendments and additions to the tax legislation at the time of payment of unclaimed dividends, the payment of such unclaimed dividends shall be recalculated in accordance with applicable tax legislation at the time of payment. 

Update Date: 16.05.2019

23.08.2019

Nikoil bank starts a loan campaign dedicated...

Nikoil Bank starts a loan campaign dedicated to...

Currency
22.09.2019
22.09.2019
Buying
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  • USD
    1.6990
    1.7030
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    1.8550
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    0.0265
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    2.1600
22.09.2019 Buying Sales
USD 1.6990 1.7030
EUR 1.8550 1.9100
RUB 0.0256 0.0265
GBP 2.0500 2.1600

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