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20.08.2004 Business & Finance

Shareholders halt SSNIT membership on CPC Board

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Accra, Aug. 20, GNA - Shareholders at the Annual General Meeting of the Cocoa Processing Cocoa Processing Company (CPC) on Friday, voted to defer the inclusion of two additional members on the Board of the company to another meeting.

Two officers of the Social Security and National Insurance Trust (SSNIT, which is the second largest shareholder of the Company with 24 per cent shares, were to be elected to serve as Board Members. Mrs Cecilia Abena Dapaah, Chairman of the Board of Directors, moved a motion to increase the number of Directors from 10 to 12, in line with Section 84 of the company's regulations.

However, a counter motion from the floor demanded the deferring of the election of the two directors to next year when the financial position of the company would have improved.

The counter motion received a thunderous applause, which resulted in hecklings and catcalls from the floor.

After consultations and explanations to accept the motion, the shareholders maintained their stand with more catcalls such as "No SSNIT, No SSNIT No SSNIT", "SSNIT Cannot Represent Workers" and "We Don't Want Them to Come and Chop our Monies".

Some of them shouted, "We should maintain the 10 and if SSNIT should be represented on the Board then the government, which is the majority shareholder with 60 per cent shares should hold more than two positions and not SSNIT".

Later when silence was restored and the motion put to vote, the shareholders against the inclusion of the two additional directors was overwhelming.

The shareholders approved other motions.

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