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Assignment 2 -Analysis Annual Report of Zenith Bank Plc-1.doc

Assignment 2 -Analysis Annual Report of Zenith Bank Plc-1.doc

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Analysis Annual Report of Zenith Bank Plc -31 December 2016 The annual report of Zenith Bank Plc. was obtained from its website (https://www.zenithbank.com/Resources/Zb2016FYE-Full-statement.pdf). An annual report reveals the financial and business transactions during a calendar year as required by law. It is a statutory requirement and it must be published and declared publicly. According to SGX (Singapore Exchange) in its write up titled “ An Investor’s Guide to Reading Annual Report’’ stated that annual report should contain: Chairman/CEO statement; independent auditors clean bill of health; financial statements such as net profit, sales and operating cash flow after working capital adjustment; net debit; dividends, notes to financial accounts. Also Putra (2010), mentioned important parts of annual report which are: CEO statement; sales and marketing; summary of financial statement; management discussion and analysis; letter of Certified Public Accountant (CPA); financial statement; subsidiaries, brand and addresses; list of directors and officers; stock price history. According to Investment Yogi (2014) annual report contains the following: Vision and mission statement; corporate information, product overview and financial highlight; director’s report; management discussion and analysis; corporate governance; information on shares of the company; auditors’ report,; financial statements, notes to account. The annual report of Zenith Bank Plc for the year ended 31 December 2016 was obtained from its website for the purpose of the analysis of the annual report of a company of my choice. For this purpose analysis of the following important parts of the report will be done:- 1. Directors, Officers and Professional Advisers 2. Directors’ report 3. Corporate governance report 4. Independent auditor’s report 5. Financial statements 6. Notes to financial statements DIRECTORS, OFFICERS AND PROFESSIONAL ADVISERS In this section, we have the board of directors, company secretary, and the company secretary. Board of directors is responsible for driving the company. Directors are the strategists, decision makers. The survival and otherwise of the company lies on them. They channel the course of the company. The quality of the directors will determine the performance and survival of the company. The board of Zenith Bank Plc. consist of ten (10) directors and one chairman of the company. The company also has company secretary. Zenith Bank Plc. has 5 executive directors and 5 no executive directors. The board is responsible for election of chairman and managing director/chief executive officer (MD/CEO) of the bank. Jim Ovia is the chairman of the bank, he was the former/pioneer MD/CEO and
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founder of the bank. He has tremendous wealth of experience as seasoned banker (zenith website). Peter Amangbo is the MD/CEO. The information about the board can be obtained from bank website (www.zenithbank.com). The board members have a great wealth of experience that positions the bank in the fore front of banking in Nigeria and Africa.
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