He said the main aim is to attract and retain the best personnel in the board to remain competitive in the market.
"We should be recognising the time that the directors are spending on managing the bank affairs but it will done in a very responsible manner," Okello said.
He said the remuneration has been constant since 2010 hence the need to do some adjustments in line with the market changes and the bank's growth.
Okello was speaking on Friday during the 35th Annual General Meeting (AGM) where the shareholders approved the move.
"What we normally do is that you carry out an independent market survey to ensure that you are in line with the industry in terms of what kind of fees get paid to listed company's boards. And that is normally done by professional firms," the chairman added.
During the AGM, shareholders approved a final dividend recommendation of
"While recognising our regulator's desire for us to maintain strong capital ratios and in light of the revised prudential guidelines, the dividend payout is conservative compared to historical highs in prior years," Okello explained after the shareholders enquired why the dividend has dropped in the last two years consecutively.
In 2011, total dividend of Sh1.50 per share was paid to shareholders, then went down to Sh1 in 2012 and then to
The shareholders approved the bank's financial statements for the year ended
A Sh788 million one off exceptional restructuring cost coupled with compressed interest margins led to a decline in profitability in 2013 compared to 2012.
Most Popular Stories
- McDonald's Packages Coffee for National Distribution
- Castro-Blanco Joins Fifth Street Finance Board
- HTC Makes Windows Version of Flagship One Phone
- Ballmer Steps Down From Microsoft Board
- Rising Freight Prices Signal Global Recovery
- Eric Holder Bringing Civil Rights Reminders to Ferguson
- Sprint Cancels Framily, Rolls Out New Data Pricing Plan
- Uber Hires Obama Campaign Manager David Plouffe
- Bob Marley Musical to Make Premiere in Baltimore
- Russia Claims Ukraine Leaders Are Satanists, Jews or Maybe Even Scientologists