Chuks Udo Okonta
Shareholders have rejected the move by insurance companies
to have details of their annual financial results in electronic devices.
President Independent Shareholders Association of Nigeria (ISAN)
Sir Sunny Nwosu, who disclosed this at the annual general meeting of one of the
underwriting firms, in Lagos, said the decision to forgo annual accounts in
booklets negate the law, adding that until the law is amended, companies have
no right to produce the accounts in electronic devices.
He noted that the production of accounts in electronic
devices, would deny many shareholders the knowledge on the performance of their
firms, as they do not have the gadgets to access the information in the
devices.
He urged companies to respect the rights of shareholders,
adding that the companies need them as investors to remain afloat.
Responding, an operator, said organisations have adopted the
move to reduce the cost of printing. He noted that with the International
Financial Reporting Standard (IFRS), which encourages full disclosure the cost
of printing annual accounts has skyrocketed.
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