COLOMBO – 29 August 2026 – Royal Palms Beach Hotels PLC, a prominent entity listed on the Colombo Stock Exchange (CSE), has announced its 34th Annual General Meeting (AGM) will be held virtually on Wednesday, 30th September 2026, at 12:30 p.m. The official notice, issued by Mercantile Investments and Finance PLC, the company secretaries, outlines a comprehensive agenda focusing on financial performance, board composition, and corporate governance for the financial year ended 31st March 2026.
Shareholders of Royal Palms Beach Hotels PLC are invited to participate in the virtual meeting, which will be assembled at 236, Galle Road, Colombo 3. The announcement was publicly made on 28th August 2026, providing shareholders with ample notice for this crucial annual gathering.
Key Agenda Items for the 34th AGM
The upcoming AGM will address several vital matters, reflecting the company’s operations and strategic direction. The core agenda includes:
- Annual Report Adoption: Shareholders will receive and adopt the Report of the Directors and the Audited Statements of Accounts for the year ended 31st March 2026, along with the Auditors’ Report thereon. This provides a detailed overview of the company’s financial health and operational performance.
- Director Re-elections: Mr. T J Ondaatjie and Mr. G G Ondaatjie are both proposed for re-election to the Board of Directors, in accordance with Article 88 (i) of the Company’s Articles of Association.
- New Board Appointments with Special Resolutions: A significant point of discussion will be the election of two new directors, Mr. Ajita de Zoysa and Mr. J D Vaz. These appointments require special notice and resolution due to their ages, falling under Sections 210 and 211 of the Companies Act No. 07 of 2007.
- Mr. Ajita de Zoysa (82 years): A special resolution will be presented to approve his election, waiving the age limit of 70 years stipulated in Section 210 of the Companies Act.
- Mr. J D Vaz (71 years): Similarly, a special resolution will be sought to approve his election, overriding the age limit provisions of the Companies Act.
These resolutions underscore the Board’s intent to leverage the extensive experience of these individuals despite statutory age provisions, highlighting a strategic approach to leadership continuity and expertise within the Sri Lankan hospitality sector.
- Auditor Re-appointment: Messrs. Ernst & Young are deemed to be re-appointed as Auditors of the Company for another term, in line with Section 158 of the Companies Act. Directors will also be authorized to determine their remuneration.
- Charitable Authorizations: The Board will seek authorization to determine payments for charitable and other purposes for the financial year 2026/27.
Shareholder Participation and Proxy Voting
As the meeting will be held virtually, Royal Palms Beach Hotels PLC has ensured clear guidelines for shareholder participation. Shareholders entitled to attend and vote may appoint a proxy, whether a member or not, to attend and vote on their behalf. A proxy form is enclosed with the Annual Report for this purpose, and shareholders are encouraged to complete and return it as per the instructions provided.
Further information on how to participate virtually in the 34th Annual General Meeting will be detailed in a supplementary notice to shareholders, ensuring all members can engage effectively with the company’s crucial annual proceedings.
This AGM is a pivotal event for Royal Palms Beach Hotels PLC, setting the stage for its corporate governance and strategic direction for the upcoming year, particularly with the proposed changes to its Board of Directors.
Source: Read original document
