OREANDA-NEWS. May 25, 2010. Kazkommertsbank (KKB or “the Bank”), one of the leading banks in Kazakhstan and Central Asia, announces today that its shareholders have approved the audited consolidated annual financial statements of the Bank for the year of 2009 and the Management report on the bank’s activities in 2009, reported the press-centre of Kazkommertsbank.

The net income of the Bank for 2009 was capitalized as retained earnings. It was decided that dividends would not be paid on common shares in 2009. 10 December 2010 was set as the start date for the payment of dividends on preference shares. The completion date for the list of shareholders eligible for the payment of dividends on preference shares is 10 November 2010. The dividends on preference shares of the Bank are fixed at 0.04 USD per one preference share as described in the Share Emission Prospectus of the Bank.

The reserve capital of the Bank was increased by KZT 7 million from retained earnings. Allocation of the KZT 7 million to increase the reserve capital of the Bank did not affect the Bank’s equity, as retained earnings from previous years and reserve capital from net profit are included in the equity of the Bank.

The terms of Mr. M. Yerzhavnov, independent director elected in 2008, were extended by an undefined term.

The shareholders have also approved the amendments and additions to the Charter and the Corporate Governance Code of the Bank. They also approved the new Regulations on the Board of Directors of the Bank to bring the above-mentioned documents in to line with existing Kazakh legislation.

Shareholders have approved the Deloitte as the external auditor of the Bank, and have set remuneration levels for the members of the Board of Directors for 2010.  The shareholders have also considered shareholders’ appeals to the Bank and its authorities’ actions and the results of this consideration. The Bank’s shareholders were also informed about the composition and size of remuneration of the members of the Board of Directors and the Management Board in 2009.