Shareholders of CalBank PLC delivered a pointed governance signal on Wednesday when they voted down a resolution to approve the remuneration of the bank’s non-executive directors at the company’s hybrid Annual General Meeting (AGM) held on 25 March 2026 at its head office on 23 Independence Avenue, Ridge, Accra.
The meeting, which also ran via live stream, passed ten of eleven resolutions on the agenda. Resolution 9, which sought shareholder approval for non-executive director pay, was the sole casualty, with the board’s proposal failing to secure the required majority under the Companies Act, 2019 (Act 992).
All other resolutions carried without issue. Shareholders approved the audited accounts for the year ended 31 December 2025 alongside the reports of the directors and auditor. Three directors retiring by rotation, Daniel Nii Kwei-Kumah Sackey, Kwadwo Mpeani Brantuo, and Yvonne Ofosu-Appiah, were each returned to the board. Four additional directors confirmed by appointment, Woelinam Dogbe, Kofi Owusu-Nhyira, Charles Tetteh Amanquah, and Patience Asante, were also re-elected, filling both non-executive and independent non-executive roles.
Shareholders further approved the remuneration of executive directors Carl Asem, the Managing Director, and Johnson Oware, the Deputy Managing Director, in accordance with section 185 of the Companies Act, 2019. The board was also authorised to fix the remuneration of the company’s external auditor for the year ending 31 December 2026.
The rejection of the non-executive pay resolution is notable given the bank’s recent history. CalBank has navigated a period of significant financial stress, and at its 2025 AGM it withheld dividend payments for a second consecutive year, directing retained earnings toward capital restoration rather than shareholder distributions.
The 2026 AGM outcome suggests some shareholders remain watchful about board costs even as the bank works to rebuild its balance sheet. The company secretary, Veritas Advisors Ltd, certified the results on the day of the meeting.
