CSDI Convenes 2023-2024 Annual Ordinary, Extraordinary Shareholders’ General Meeting

CSDI organizes Annual General Meeting of Shareholders 2024 on May 27 with over 82 per cent of shareholders in attendance.

Central Securities Depository of Iran organized the Annual General Meeting of Shareholders (AGM) 2024 on Monday, May 27 with the participation of 82.95 per cent of shareholders.

CSDI Board of Directors, chaired by Bagher Taherianfar, in the meeting convened the Shareholders’ Meeting in ordinary and extraordinary sessions, in a single call, and approved the 2023-24 financial statements based on the Persian-calendar year that ended on March 20, 2024 on attribution of net profit 26 IR Rials for each share.

Azmoudeh Karan Audit Firm was accepted unanimously with the votes of Group was elected as the CSDI’s legal auditor and Hadaf Novin Negar company was approved as its substitute in view of their good reputation and strong track record on the audit services market. This, as the participants voted to use Etela’at as the CSDI’s official newspaper of record.

Approval of Capital Increase

At the CSDI’s 2024 Annual General Meeting in Tehran, the Board of Directors also agreed that additional shareholder support would be required to ensure Central Securities Depository of Iran could play its full role.

Based on the decision, the shareholders approved the capital increase in the amount of 3,300 billion IR Rials, from 13,650 billion to 16,950 billion IR Rials.

CSDI 2024-25 Priorities, Development Goals

Chief Executive Officer at Central Securities Depository of Iran, Mohammad Baghestani, delivered a comprehensive report on the BoD’s performance last year and outlined his vision for CSDI’s future priorities and development goals in 2024-25 during the annual shareholders’ meeting.

Specialized Committees

Describing corporate governance as among one the overarching objectives that outline the key areas of activity at CSDI, Baghestani said the Board of Directors created a number of specialized committees and subcommittees to assist the Board in formulating robust strategies and making informed decisions during the implementation phase. 

In an address to the shareholders, the Chief Executive Officer disclosed that CSDI is the “beneficial” owner of the shares of Central Asset Management Company (49%) providing services in the field of issuing Islamic financial instruments, Samat Samaneh Co. (99.97%) developing required software for CSDI and Iran Financial Center (20%) in terms of education and research.

Major Accomplishments in 2023-24

The CSDI CEO meanwhile enumerated the achievements that have been made during the past Iranian fiscal year based on the Persian calendar (21 March, 2023 – 19 March, 2024):

• Revising basic version of service charges, having them approved at the Securities and Exchange Organization Board of Directors
• Launching homegrown smart system on mechanized transfer of Justice Shares of the deceased to the heirs, “Miraas System”
• Developing, exploiting domestic post-trade system i.e. IRPT
• Being listed at Iran Fara Bourse negotiated market
• Unveiling system on issuing pre-emption rights e-certificates
• Running electronic service for financial ability certificates in Iranian capital market
• Joining Association of Eurasian Central Securities Depositories (AECSD)
• Undergoing re-branding project, unveiling renewed brand identity
• Relocating headquarters to new premises in capital Tehran
• Exploiting daily settlement and final settlement of single stock futures contracts
• Initiating operations to build a data center for capital market with high compatibility with the latest technological standards
• Streamlining strategy planning for optimizing performance based on OKR and KPI Insights

2024-25 Developmental Goals

At the closing of his remarks, the CSDI chief briefed the shareholders on the goals and objectives set for the year ahead:

• Transition to T+1 clearing and settlement cycle
• Shift to automated portfolio management tools
• Full development, exploitation of domestic post-trade system i.e. IRPT
• Development, upgrade of “Miraas System” to mechanize transfer of Justice Shares of the deceased to the heirs
• Development, exploitation of CSDI centralized data center
• Development, upgrade of new platform to settle trades on IRENEX spot market
• Deployment of web services required by brokerage firms
• Establishment of mechanized system for operations related to embedded put options in securities
• Increase the number of banks cooperating with CSDI in settlement affairs
• CSDI Annual General Meeting of Shareholders 2023-24 convened on May 27 in the capital city of Tehran with over 82 per cent of shareholders in attendance.

The in-person event took place at a conference center near the CSDI’s new headquarters located in the capital Tehran’s Sa’adat Abad District and was broadcast live to the online audience on the CSDI’s official website at www.csdiran.ir.