17th Ordinary Annual General Meeting of Shareholders


The 17th Ordinary Annual General Meeting (AGM) of the Shareholders of National Insurance Corporation of Eritrea Share Company was held at NICE Head Office on Saturday 17th July 2021. The AGM was normally supposed to be held on the 5th of June 2021. However, due to COVID-19 incidents in the Company it was postponed. Therefore, the AGM was conducted by invitation at NICE Building for the second time due to the ongoing concerns of COVID-19 pandemic. The Meeting began at 9:30 Hrs in the presence of invited Shareholders and observers with strict social distancing measures and other precautions.


When the meeting was officially opened by the Secretary of the Board Alexander Zemicael, the participants heard a welcoming speech by the newly elected Chairman of the Board of Directors Mr. Ghebreberhan Mehretab, who replaced the late former Chairman of the Board Mr. Girmai Ghebremeskel. After hearing an opening speech by Mr. Paulos Tecleab, the representative of Mr. Zeru Woldemichael the General Manager (CEO) of the Company, who is currently abroad for medical purposes, the Shareholders proceeded to conduct their AGM.

After confirming the quorum, the Meeting approved the Agenda, as shown below, which was designed to include the most important issues only, considering the restricted presence of shareholders and participants due to COVID-19 restrictions.

Adopted Agenda:-

  • Adoption of the Agenda
  • Approval of the Minutes of the 16th Ordinary Annual General Meeting
  • Matters Arising from the Previous Ordinary Annual General Meetings
  • Management’s Report on the Activities of the Corporation
  • Report on the 2020 Accounts and the Appropriation of Profits
    - Report of the Board of Directors
    - Report of the External Auditors
  • Appointment of External Auditors
    - Postponement of the Election of the Board of Directors
  • Date and Venue of the 18th Ordinary Annual General Meeting

As a result, the Meeting approved the Minutes of the 16th Ordinary Annual General Meeting held on 6th June 2020 as a true record of the proceedings of that meeting. As there were no matters that needed to be discussed raised in the previous meetings, the Meeting addressed the next Agenda items, namely, the report of the Management, report of the Board of Directors and report of the External Auditors presented consecutively by Mr. Paulos Tecleab (Finance & Investments Manager), Mr. Ghebreberhan Mehretab (Chairman of the Board) and Mr. Yemane Araya (General Manager of the Audit Services Corporation) respectively. The reports included highlights on the overall operational activities of the Company and the other affiliated Companies during the year under review; Corporate Governance, the recommendation of the Board on the distribution of the surplus realized in 2020 and whether the financial position of the National Insurance Corporation of Eritrea Share Company as at 31st December 2020 was in conformity with International Financial Reporting Standards and comply with the Commercial Code of the State of Eritrea.

Accordingly, considering the recommendation of the Board of Directors and after having heard the Report of the Corporation’s External Auditors for the financial year ended 31st December 2020, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31st December 2020; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-

  • Nakfa 4,667,585 to Special Reserve.
  • Nakfa 9,335,171 to Technical Reserve.
  • Nakfa 85,029,767 to be paid as dividend to shareholders at the rate of Nakfa 8.123097 (2019 was Nakfa 8.296601) for a fully paid up share capital, inclusive of bonus shares.

Finally, the Meeting deliberated on an item of the Agenda titled “The postponement of the election of Board of Directors” which was included under Any Other Business (AOB). Following a brief discussion, the Shareholders, considering the continuous and widespread concern of COVID-19 pandemic and the difficulty to conduct the 17th Ordinary Annual General Meeting in the presence of most of the Shareholders, agreed to postpone the election of the Board of Directors to the next AGM and mandated the existing Board Members to continue to perform their duties until the next AGM.

Before the meeting was concluded, the Chairman of the Board extended his condolences to the families of the late former Chairman of the Board Mr. Girmai Ghebremeskel and wished a quick recovery for Mr. Zeru Woldemichael, and thanked all the participants for taking time to attend the 17th Ordinary Annual General Meeting and expressed his gratitude for their valuable contribution.

The meeting was adjourned at 13:00 hrs.

For more information and clarification please send your queries to our email address - nice@niceritrea.com.

You can download the Annual report and financial statement by clicking the button below.

Annual Report & Finance Statement 2020