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PRESS RELEASE PR. No 105/2020 SOCIETE PRESS RELEASE PR. No 105/2020 SOCIETE GENERALE GHANA LIMITED (SOGEGH) - 2019 ANNUAL REPORT SOGEGH has released its Annual Report for the year ended 31 December, 2019 as per the attached. Issued in Accra, this 18th day of March, 2020. - E N D – att’d. Distribution: 1. All LDMs 2. General Public 3. Company Secretary, SOGEGH 4. NTHC Registrars, (Registrars for SOGEGH shares) 5. GSE Securities Depository 6. Securities & Exchange Commission 7. Custodian 8. GSE Council Members 9. GSE Notice Board For enquiries, contact: Head of Listings, GSE on 0302 669908, 669914, 669935 *GA ANNUAL REPORT 2019 2019 ANNUAL REPORT AND FINANCIAL STATEMENTS 2019 Major Events WE INTRODUCED NEW INNOVATIONS Electronic billboard to communicate Our 24/7 drive-in ATM to the public about our product offers at Achimota branch & Our solar project. A cleaner, more effective energy source at our head office WE LAUNCHED NEW SERVICES 2019 Major Events WE LAUNCHED EXCITING COMMERCIAL PROMOTIONS & CAMPAIGNS Loans Promotion Deposit and Win Promotion WE OPENEDM ORE OUTLETS Achimota Branch Osu Branch TABLE OF CONTENTS Overview 02 Notice and agenda for annual general meeting Corporate Governance 03 Corporate information 04 Profile of the board of directors 07 Key management personnel Strategic report 10 Chairman's statement 13 Managing director’s review Financial statements 16 Report of the directors 31 Statement of directors responsibilities 32 Independent report of the auditors 36 Financial highlights 38 Statement of profit or loss and other comprehensive income 39 Statement of financial position 40 Statement of changes in equity 41 Statement of cash flows 42 Notes to financial statement 94 Proxy form 95 Resolutions 97 Branch network 2019 ANNUAL REPORT & FINANCIAL STATEMENTS 1 Notice and Agenda NOTICE AND AGENDA FOR ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the 40th Annual General Meeting of Societe Generale Ghana Limited (the “Company”) will be held on Thursday, 26 March 2020 at 11am at the Alisa Hotel, Ridge Arena, Accra Ghana for the following purpose:- Ordinary Business: Ordinary Resolutions 1. To elect Directors, the following directors appointed 5. To approve Directors’ fees. during the year and retiring in accordance with Section 72(1) of the Company’s Regulations: 6. To authorize the Directors to determine the remuneration of the Auditors. Mr Georges Wega Special Business : Special Resolutions Mr Arnaud De Gaudesmaris Mrs Martine Hitti 7. To change name of the Company from Mrs Margaret Boateng Sekyere Societe Generale Ghana Limited to Societe Generale Ghana Public Limited Company 2. To re-elect a Director; the following director retiring by (“PLC”) to comply with Section 21(1)(b) of rotation pursuant to Section 88(1) of the Company’s the Companies Act, 2019 (Act 992). Regulations who being eligible, oers herself for re-election Dated, this 19th day of February 2020. Mrs Agnes Tauty Giraldi To receive and adopt the Financial Statements of the 3. Company (together with the reports of the directors and the auditors of the Company) for the year ended 31 December 2019. .................................................. BY ORDER OF THE BOARD 4. To declare a Dividend. ANGELA NANANSAA BONSU THE SECRETARY NOTE A member of the Company entitled to attend and vote is entitled to appoint a Proxy to attend and vote instead of him. A Proxy need not be a member. A form of Proxy is attached to the Annual Report for it to be valid for the purpose of the meeting it must be completed and deposited with the Registrars, NTHC Limited, Martco House, PO Box KA 9563, Airport Accra, Ghana not less than 48 hours before the appointed time of the meeting. 2 2019 ANNUAL REPORT & FINANCIAL STATEMENTS Corporate Governance CORPORATE INFORMATION BOARD OF DIRECTORS 1. Kofi Ampim - Chairman 2. Hakim Ouzzani - Managing Director 3. Teresa Ntim - Non-Executive Director 4. Michel Miaille - Non-Executive Director 5. Joseph Torku - Non-Executive Director 6. Laurette Otchere - Non-Executive Director 7. Agnes Tauty Giraldi - Non-Executive Director 8. Georges Wega - Non-Executive Director appointed 16 August 2019 9. Arnaud De Gaudesmaris - Non-Executive Director appointed 16 August 2019 10. Martine Hitti - Independent Non-Executive appointed 6 November 2019 11. Margaret Boateng Sekyere - Independent Non-Executive appointed 20 November 2019 COMPANY SECRETARY REGISTRARS Angela Nanansaa Bonsu NTHC Limited Societe Generale Ghana Limited Martco House 2nd Crescent, Royalt Castle Road P.O. Box KA 9563 Ring Road Central Airport, Accra P.O. Box 13119 Ghana Accra, Ghana COUNTRY OF INCORPORATION REGISTERED OFFICE Ghana, Accra 2nd Crescent, Royalt Castle Road Ring Road Central, Accra P.O. Box 13119 HOLDING COMPANY Accra, Ghana SG Financial Services, Holding Company AUDITORS ULTIMATE HOLDING COMPANY Ernst & Young Chartered Accountants Societe Generale incorporated in France G 15 White Avenue Airport Residential Area Accra Ghana P.O. Box KA 16009 Airport, Accra, Ghana 2019 ANNUAL REPORT & FINANCIAL STATEMENTS 3 PROFILE OF THE BOARD OF DIRECTORS Kofi Ampim (Chairman) EXECUTIVE DIRECTOR Hakim Ouzzani (Managing Director) INDEPENDENT NON-EXECUTIVE DIRECTORS MARTINE HITTI (Member) MARGARET SEKYERE (Member) NON-EXECUTIVE DIRECTORS TERESA NTIM (Member) MICHEL MIAILLE (Member) JOSEPH TORKU (Member) GEORGES WEGA (Member) LAURETTE OTCHERE (Member) AGNES TAUTY GIRALDI (Member) ARNAUD DE GAUDESMARIS (Member) BOARD SECRETARY ANGELA NANANSAA BONSU (Company Secretary) 4 2019 ANNUAL REPORT & FINANCIAL STATEMENTS Corporate Governance Profile Of The Board Of Directors cont’d Kofi Ampim: Chairman of the board of directors. He holds Generale Cameroon. His last position was Managing Director a Bachelor’s degree and a Master’s degree in International of Societe Generale de Banques Cote d’Ivoire. He joined the Business and Finance from the Pace University Lubin School Board of Directors on 26 March 2003. of Business in New York. He is an Investment Banker and a Director of Total Oil Company. He is also the Chairman of Mr Joseph Torku: He is a Chartered Accountant and currently Belstar Capital Limited and Allianz Insurance Ghana Limited, the Managing Partner at Palmfields Investment Limited, an which is a subsidiary of one of the largest insurance independent advisory firm in Ghana. He was previously the companies in the world. He joined the Board of Directors on Managing Director of Gold Key Properties Limited in Ghana; 26 March 2003. Chief Finance Oicer for Ecobank Group in East Africa and Executive Director of Finance at Shell Oil Company in Ghana. Hakim Ouzzani: Managing director of the bank. He holds a Mr. Torku also spent several years at the Social Security and Bachelor of Arts degree in Economics and a Master of Arts National Insurance Trust (SSNIT) as an Investment Analyst degree in Organisation Sociology from the Ecole Nationale with the responsibility for Banking and Hospitality Superieure d’ Administration et de Gestation National School investments. Mr.Torku is a member of the Institute of of Management and Administration. He also holds a Diploma Chartered Accountants (ICA) Ghana. He holds a degree in in Banking and Finance from the Institute of Development Economics and Diploma in Education from the University of Finance Tunis. Mr Ouzzani has a Diploma of Higher Education Cape Coast (UCC), a Diploma in Finance from UC-Berkeley, from the Arab Maghred Development Financing Institute. USA and MBA in Banking and Finance from CESAG in Senegal. Before his appointment as Managing Director, he was a Senior He joined the Board of Directors in July 2017 with Bank of Executive Regional Manager with Societe Generale Ghana granting approval on 6 September, 2017. International Banking Financial Services in charge of Cameroun, Chad, Congo Brazzaville, Equatorial Guinea, Laurette K Otchere: She is a Barrister at Law and a Deputy Ghana and Guinea Conakry. From 2012 to 2016, he was the Director General Operations and Benefits at Social Security and CEO of Societe Generale Chad. He also held various positions National Insurance Trust. She holds a Juris Doctor; a Bachelor within the Societe Generale as Group Deputy General of Arts in Economics and is a Certified Professional in Human Manager SG Algerie, Network and Sales Manager SG Algerie Resources (SHRM-CP). She is a member of the Ghana Bar, State and Network Development Manager SG Algerie. From 2000 to of New Jersey Bar and the United States District Court, District 2002, he managed the Corporate Branch of the Union Bank of New Jersey. She is an Adjunct Professor at Rutgers Universi- Brokerage. In 1998, he was the New Products Development ty School of Management and Labour Relations and the Society Manager at the Union Bank. He has worked as a Professor at for Human Resource Management. She has extensive working the Ecole Superieure de Banque. He also worked with the and professional experience internationally and locally. She Central Bank of Algerie as a Senior Oicer Loans & Refinancing joined the Board of Directors in July 2017 with Bank of Ghana Direction and Licencing & Regulatory Function. Mr Ouzzani granting approval on 6 September 2017. was nominated to the Board of Directors of Societe Generale Ghana on 16 November 2016 with the Bank of Ghana granting approval to the said appointment on 23 January 2017. Agnes Tauty Giraldi. She is the Head of Export Finance Africa, Europe and Structured Trade Finance, Societe Generale Corporate and Investment Banking. She has over 23 years’ Teresa Ntim (Mrs): She holds a BSc and MSc. in Agricultural experience in the Corporate Investment Banking sector with Economics. Her career spans over 33 years with the Bank of an extensive experience in Structured Trade and Export Ghana serving in dierent capacities in Research, Rural Finance. She has solid experience in emerging markets and Finance, Development Finance and Foreign Operations has led several deals involving sovereign, sub-sovereign, departments. She was also Head of Treasury from 1993 to public and private corporates. She is currently the Head of Export Finance Africa, Europe and Structured Trade Finance, 1997.
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