Grupo Popular held its annual shareholders’ assembly on Saturday, April 26, 2003. Mr. Alejandro E. Grullón E., president of the group’s board of directors acted as chair. The agenda included the revision of 2002’s annual report and the approval of 2003’s budget as central points of the day.
Mr. Manuel A. Grullón, Grupo Popular’s executive president, presented the annual report of activities for the year 2002.
The report stressed the institution’s use of high prudential criteria, strong sense of internal governance, and the participation of members of the board in different working committees, such as the Executive Committee, Credit Committee, Finance and Audits Committee, Human Resources Committee, and the Committee the for Money Laundering Prevention as key elements in producing last year’s excellent results. The work of the committees was also praised for its transparency, institutional functioning and operative autonomy.
The contribution of international consulting firms in the areas of banking security, strategic planning and technology, and of KPMG, the group’s auditors, was also credited as crucial for the groups’ success.
Mr. Manuel Grullón made reference to the group’s dedication and commitment to the preservation of a trustworthy and efficient financial system in the Dominican Republic during its four decades of existence.
The report to the shareholders states that Total Assets of Grupo Popular amounted to RD$47.746 billions, which represents an increase of 23% from the previous year, likewise, its Net Worth rose to RD$7.033 billions for an absolute growth of RD$1.487 billions which amounts to a 26% increase.
The General Assembly approved payment of dividends for a total of RD$986.5 millions.
