DIVIDEND POLICY NIKOIL ICB OJSC
This dividend policy is developed in accordance with the current legislation of the Azerbaijan Republic and other applicable laws, the Bank’s Charter and the Bank’s internal regulatory documents.
The purpose of this dividend policy is to provide dividends, determine the size of payments, make decisions on the rules and terms transparent, and establish clear mechanisms for the Bank's shareholders.
The dividend policy is part of the Bank’s general management policy and is based on respect for shareholders stipulated by the current legislation of the Republic of Azerbaijan, internal documents of the Bank, and on the balance of interests in determining the payment of dividends of the Bank and its shareholders with strict protection of the rights of shareholders and is aimed at increasing the capitalization of the Bank and attracting investments.
The decision on the payment of dividends (announcement) determines the amount of dividends for one share in each category. Payment of declared dividends is the responsibility of the Bank. The Bank is liable in accordance with the legislation of the Republic of Azerbaijan to persons entitled to receive dividends for failure to fulfill these obligations.
BASIC TERMS AND CONDITIONS OF PAYMENT OF DIVIDENDS TO SHAREHOLDERS
Terms of dividend payment to shareholders of the Bank:
PROCEDURE FOR APPLICATION OF DECISION ON PAYMENT OF DIVIDENDS
DIVIDEND PAYMENT PROCEDURE
The decision on the payment of dividends on ordinary shares of the Bank should contain the following information:
Dividends are paid to shareholders within 30 days of the decision on the payment of dividends. Dividends are paid in non-cash form by transferring to shareholders' bank accounts, as well as legal entities and individuals.
The amount of dividends accrued per shareholder is determined by multiplying the amount of dividends per share of a certain category by the number of shares owned by the shareholder.
The procedure for taxation of dividends paid to shareholders is determined for legal entities in accordance with the tax legislation of the Republic of Azerbaijan.
In case of amendments and additions to the tax legislation at the time of payment of unclaimed dividends, the payment of such unclaimed dividends shall be recalculated in accordance with applicable tax legislation at the time of payment.
Update Date: 16.05.2019