NewB’s budget for 2022 was rejected by the general meeting – Finance

NewB Cooperative Bank hosted its annual general meeting in Brussels on Saturday. All resolutions put to the vote of the cooperators were adopted, except for the budget for 2022.

The budget for 2022 was rejected, “because it reached only 50% of the votes in College C (College of Institutional Investors), which is not an absolute majority.”says NewB in a press release.

“Presentation of the budget is not a legal obligation. However, NewB votes in favor of approving the budget during the general meeting in order to get the maximum participation of cooperators and cooperators in the decision-making process.. The board of directors will assess the situation and discuss it with the relevant C cooperators, ”adds NewB.

As the approval of the budget is not a legal obligation, NewB will not organize a new general meeting, but the cooperative intends to be transparent, as required by its charter of valuessaid Belga its CEO Thierry Smets. “But we will ask investors why they voted against. We will also try to make any adjustments to the budget as much as possible.“.

However, the dissatisfaction of institutional investors is not a surprise. On Friday, Libre Belgique borrowed from some institutional cooperators have a sense of frustration, even some denialregarding NewB’s business achievements and certain aspects of the cooperative’s management. In 2021, the bank suffered losses of more than 9 million euros, and auditors gave a negative conclusion about the continuity of the cooperative, which is looking for fresh money.. The National Bank of Belgium requires NewB to find 40 million euros by the end of September. And a French insurer Monso, the cooperative’s largest investor, has said it will not participate in the bank’s capital increase..

On Saturday, 2,763 cooperating citizens, 43 member organizations and 11 institutional investors took part in the vote on the resolution. The general meeting, which took place face to face for the first time in three years, was organized in Tours et Taxis.

The budget for 2022 was rejected, “because it reached only 50% of the vote in College C (College of Institutional Investors), which is not an absolute majority,” – said in a statement NewB. “Presentation of the budget is not a legal obligation. However, NewB votes in favor of approving the budget during the general meeting in order to get the maximum participation of cooperators and cooperators in the decision-making process. The Board of Directors will assess the situation and discuss it with the relevant cooperators C “, adds NewB. As approval of the budget is not a legal obligation, NewB will not organize a new general meeting, but the cooperative intends to be transparent as required by its charter. Belga has CEO Thierry Smets. “But we will ask investors why they voted against. We will also try to make any adjustments to the budget as much as possible. ” The bank suffered losses of more than 9 million euros and the auditors gave a negative conclusion about the continuity of the cooperative, which is looking for fresh money. 2763 cooperating citizens, 43 member organizations and 11 institutional investors took part in the vote on the resolution on Saturday. and Taxis.

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