GOIL’s resilience in withstanding crisis is unmatched-Bartels

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GOIL Service Station

Mr Kwamena Bartels, Board Chairman of GOIL Company Limited has revealed that GOIL’s resilience in withstanding crisis is unmatched in the history of this nation.

“One good example is when the Company was placed on the divestiture list. The collective efforts of members of staff, management and the Board helped to pull the Company out of the list and subsequently got listed on the Ghana Stock Exchange, a feat that continues to attract the admiration of many in Ghana.

“We successfully dealt with the COVID-19 pandemic in 2020 at our numerous filling stations. GOIL has an inherent capacity to withstand and quickly recover from difficulties.

“GOIL is a company determined to be significant in the development of the nation’s economy,” Mr Bartels stated at the 52nd Annual General Meeting of GOIL to receive and consider the reports of Directors, Auditors, and Financial Statements for the year ended December 31, 2020.

Mr Bartels however revealed that the year 2020 witnessed a drastic economic slowdown mainly as a result of the COVID-19 pandemic.
However, growth in the downstream oil industry was, higher than expected, 4.8 per cent compared to the same period last year.

He said the two dominant products, diesel, and gasoline contributed significantly to the growth registering approximately 13 per cent and 9 per cent respectively.

On holding the Virtual AGM, Mr Bartels explained that it was in compliance with the current restrictions on public gatherings in force pursuant to the imposition of Restrictions Act, 2020 (Act 1012) and consequent Regulatory Directives, attendance and participation by all members and/or their proxies in this year’s GOIL AGM shall be strictly virtual-online participation.

Meanwhile Nana Ama Kusi-Appiah, Company Secretary who presented agenda for the meeting indicated that dividend for the year under review would be declared.

She said the GOIL Virtual AGM would also elect Directors retiring by rotation; authorize the Directors to fix the remuneration of the Auditors; and fix the remuneration of the Directors.

She explained shareholder were entitled to attend and vote may appoint a proxy to attend via online participation and vote on his/her behalf; such a proxy need not be a member of the Company.

The appointment of a proxy will not prevent a member from subsequently attending and voting at the meeting (via online participation). Where a member attends the meeting in person (participates online), the proxy appointment shall be deemed to be revoked.

According to arrangements for accessing and voting at the GOIL Virtual AGM, a unique token number would be sent to shareholders by email and/or SMS from June 10th, 2021 to give them access to the meeting.

“Shareholders who do not receive this token can contact KEN MATE-KOLE or [email protected] or call 059-310-5735 any time after June 15th, 2021 but before the date of the AGM to be sent the unique token.

“To gain access to the GOIL Virtual AGM, shareholders must visit https://www.goilagm.com and input their unique token number to access to the meeting.

For shareholders who do not submit proxy forms to the Registrar of the company prior to the meeting they may vote electronically using their unique token number.

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