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Danamon’s policy on dividend obtained approval from the Board of Directors (BoD), Board of Commissioners
(BoC), and shareholders. To determine dividend policy, Danamon follows certain procedure based on organizational structure, where BoD shall propose the dividends to the President Director based on Danamon’s performance over a certain period of time.
The proposal is brought before the Annual General Meeting of Shareholders (AGMS) for approval, taking into account the amount of retained earnings. AGMS also determined time and method of distribution in compliance with the Indonesia Stock Exchange regulation, including the recording date when shareholders are entitled to dividends, or to authorize the BoD to do so.
Based on the resolution of BoD meeting and AGMS , Danamon may distribute interim dividends before the end of the fiscal year. In addition, AGMS shall also determines the appropriation of net income (including the distribution of dividends and the appropriation for general & legal reserve); the determination of remuneration of the BoD and BoC (salary and management bonuses/tantiem), the
appointment of public accounting firm and the approval of financial statements. Prior to 2008, management bonuses was part of the appropriation of net income.
Aside from AGMS approval, dividend policy is also in pursuant to prevailing regulations such as long term and short term capital requirements as well as the Bank’s earning growth expectations and market conditions.
Danamon has been in compliance with its long term borrowing agreements regarding restrictions on dividend distributions. Danamon also ensures the policy is in compliance with the restriction on dividend distribution as stipulated in Danamon’s long term borrowing agreements. The decision also takes into account Danamon’s capital planning management, earning growth expectations and market condition.
The Bank continues to distribute dividends to its shareholders with dividend payout ratio of 50% for the financial year ended 2009 (paid in 2010), 35% for the financial year ended 2010 (paid in 2011), and 30% for financial year ended 2011 (paid in 2012).
Dividend Payment History
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Announced Date
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Recording Date
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Payment Date
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Dividend Per Share
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Type
|
|
AGMS approval*
|
Actual**
|
|
29 May 2006
|
20 Jun 2006
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04 Jul 2006
|
Rp 203.449
|
Rp 202.6
|
Final
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26 Apr 2007
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21 Mei 2007
|
05 Jun 2007
|
Rp 131.44
|
Rp 132.87
|
Final
|
|
29 Apr 2008
|
22 May 2008
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04 Jun 2008
|
Rp 208.40
|
Rp 209.80
|
Final
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|
01 Jun 2009
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23 Jun 2009
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07 Jul 2009
|
Rp 90.82
|
Rp 91.37
|
Final
|
|
03 May 2010
|
26 May 2010
|
10 Jun 2010
|
Rp 90.97
|
Rp 91.12
|
Final
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| 1 Apr 2011 |
27 Apr 2011 |
10 May 2011 |
Rp 119.83 |
Rp 119.87 |
Final |
| 29 Mar 2012 |
24 Apr 2012 |
8 May 2012 |
Rp 104.43 |
Rp104.43 |
Final |
* Dividend per share per AGMS approval calculated based on estimated number of shares at payment date.
** Dividend per share per actual calculated based on number of shares at recording date.
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