Federal Bank shareholders approve re-appointment of Shyam Srinivasan as MD and CEO

Federal Bank shareholders have approved the resolution to re-appoint Shyam Srinivasan as the Managing Director and Chief Executive Officer for a period of three years. The decision was taken in the 90th Annual General Meeting of shareholders of Federal Bank which was conducted through video conferencing on Friday.

The bank streamed it live on four social media platforms – Facebook, YouTube, Twitter, and Clubhouse.

Addressing the AGM, Srinivasan said the bank’s digital innovations of today are on the cusp of redefining the banking paradigm of tomorrow.

“Simple, Digital, Contactless this is what I had defined last year to be the cornerstones of our strategic focus for FY 2020-21, and a stepping stone in our journey to become the bank of the first choice for Indians,” he said.

Srinivasan’s reappointment will come into effect from September 23 this year to September 22, 2024.

He took over as the CEO of the bank on 23 September 2010.

A release issued by the bank said the approval of shareholders was sought for adopting audited financial statements of FY 2020-21.

The meeting also passed other resolutions including the declaration of dividend of 35% to the shareholders, approval of the issuance of equity shares on a preferential basis, and raising of Tier I Capital of the Bank through Issuance of securities among others.

The AGM’s approval was also sought for revision of tenure of one of the Joint Statutory Central Auditors, the appointment and fixation of remuneration of branch auditors in consultation with the Statutory Central Auditors, and other necessary appointments.

The meeting was presided over by Bank’s Chairperson Grace Elizabeth Koshie and joined by other Directors, shareholders, senior executives, representatives of Statutory Auditors, and Secretarial Auditors of the bank.

In her address, Koshie remarked that the Bank led by its twin focus on digital enablement and people empowerment, supported by operational strength, navigated the unprecedented challenges during the year to “deliver exceptional numbers