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Shareholders invited to discuss ‘issue’ about the bank they have ‘invested’

Shareholders invited to discuss ‘issue’ about the bank they have ‘invested’

IF you keep your money in this Bank, one of the largest in Tanzania, you will be attracted by this headline: “All are set for CRDB Bank PLC’s 27th Annual General Meeting” (Custodian 19 May, p. 13).

What about the meeting? The following is what the writer tells us about it: “The meeting is being held in accordance with the Companies Act No. 212 of 2020, whereby CRDB Bank PLC has been giving shareholders opportunities to discuss ‘issue’ about the bank they have ‘invested’, as well as approve different decisions on the bank.” So, these shareholders have ‘invested a bank’? How do you do that? A shareholder is defined as someone who owns shares in a company.

Therefore, these CRDB shareholders have invested their money, in the form of shares ‘in’ the bank. They have not invested the bank itself, even if that were possible.

So we propose the following re-write: “The meeting is being held in accordance with the Companies Act No. 212 of 2020, whereby CRDB Bank PLC has been giving shareholders opportunities to discuss ‘issues’ about the bank they have ‘invested in’, as well as approve different decisions concerning the Company”.

Note that we have substituted the phrase “on the bank”, with “concerning the Company”, to avoid repetition, bearing in mind that the acronym PLC stands for “Public Listed Company”. The writer goes on to inform us: “‘The’ statement issued by the bank yesterday said that ‘some of the agenda’ of the meeting will be election of board members, receive and discuss ‘directors’ report, audited financial statements ‘ad’ approve dividends for 2022”. Nothing has been said before about this statement so it should not be preceded by a definite article (the).

Moreover, “agenda” is collective, meaning: “a list of things that people will discuss at a meeting”. Therefore, the phrase “some of the agenda”, in the above sentence, is incomplete. It could do with the addition of the word “items”. Here we go with a proposed re-write: “‘A’ statement issued by the bank yesterday said that ‘some of the agenda items’ of the meeting will be: election of board members, receiving and discussing the ‘directors’’ report, receiving and discussing audited financial statements, ‘and’ approval of dividends for 2022”.

The CRDB Managing Director is quoted as saying: “We have issued directives on how to ‘participate the AGM through online, on our website”. Like shareholders do not invest a bank, those attending the meeting do not “participate the AGM”. In both cases, the the preposition “in” is required. This is what the Managing Director possibly said: “We have issued directives on how to ‘participate ‘in’ the AGM online, through our website”.

The writer gives us further information on the meeting: “The AGM will be ‘forwarded by’ a special seminar ‘to’ shareholders”. The use of the verb “forwarded by” was a bit intriguing.

At one moment, I thought it should have been “followed by”, only to realise that the seminar was to take place BEFORE the AGM. Why not use a clearer verb, “preceded by?” The sentence would then read: “The AGM will be ‘preceded by’ a special seminar ‘for’ shareholders”. Keeping on the same page of the Custodian, we are taken to Uganda and told in a headline: “Uganda bankers elect Sarah Arapta new chairperson”. Apparently, she is succeeding somebody: “She ‘takes over’ Mr Mathias Katamba, the DFCU Bank Managing Director who has been serving in the same role since 2020”.

So, is she taking over Mr Katamba, and is he happy about it? No, she is not taking him over. She is taking over “from” him. Thus the sentence should read: “She ‘takes over from’ Mr Mathias Katamba, the DFCU Bank Managing Director who has been serving in the same role since 2020”.

We wish the CRDB AGM, and the newly-elected Uganda Bankers Association Chairperson, all the best. lusuggakironde@gmail.com

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Author: LUSUGA KIRONDE

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