Konga appointed as proxy shareholder of ENB corporation

Business

THE East New Britain assembly met last month and unanimously appointed Governor Nakikus Konga as the new ‘proxy shareholder’ of the East New Britain Development Corporation (ENBDC).
In a special provincial assembly sitting on December 14, Konga was appointed proxy shareholder to act on behalf of the 400,000-plus people of the province who are shareholders of the company.
This was after a court had on December 6 ruled that “the East New Britain provincial government is the shareholder of East New Britain Development Corporation Ltd” and that the “East New Britain provincial assembly is the body vested with the power to exercise the functions and duties of shareholder of East New Britain Development Corporation Ltd”.
The assembly, however, transferred that power to Konga by appointing him as a proxy shareholder.
A proxy shareholder is a person who acts on behalf of a shareholder or shareholders in a specified way and timeframe.
Konga said, as the proxy shareholder, his first task was to see that the company submitted annual return statements to the assembly for deliberation.
Konga said for the last 18 years the provincial assembly, the only shareholder, was not getting annual return statements from the company.

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