Abdoula Retains SBM Holding President’s Position for 1-Yr Term

The 14th Annual General Meeting of SBM Holding’s shareholders took place on June 26, 2024, at the J&J Auditorium in Phoenix.

During the meeting, the shareholders elected new administrators until the next annual general meeting.

The most notable outcome was the re-election of Sattar Hajee Abdoula as president of the company for a one-year term.

Sattar Hajee Abdoula received a total compensation package of Rs 9.38 million for the 2023 financial year, a significant increase from the Rs 7.31 million he earned in 2022.

The change in compensation is attributed to the revision of non-executive directors’ remuneration during the 2023 exercise, in line with SBM Holding’s statutes.

According to the company’s annual report, the objective of revising director compensation was to align with market standards and consider factors such as the directors’ skills, rarity of qualifications, complexity, efforts, and time devoted to the company.

The revised compensation package is reflecting the company’s commitment to recognizing and rewarding its non-executive directors for their contributions to the organization.

Source: Defi Media