Qatar Insurance AGM Approves Distributing 15% Cash Dividend and 15% Bonus Shares

 

February 19, 2019

 

Qatar Insurance Company announced the resolutions of the General Assembly meeting which took place on the 19 of February 2017, approved the following:

1.     The Directors Report on the activities of the Company, its financial positions for the year ended 31st Dec. 2016, and the future plan.

2.    The auditor’s report for the financial information 2016.

3.     The company’s balance sheet, and its profit & loss account for the year 2016.

4.     The recommended profits distribution, being cash dividend of (15%) (fifteen percent), i.e. QR.     (1.5) for each share and determine the date of payment, in addition to bonus issue of 15%, i.e. (three share for each twenty shares). The bonus shares will be issued after approving this increase in capital and obtaining the necessary approvals from the respective governing bodies, in addition authorizing the board of directors to act accordingly with the share's fraction)

5.      Discharging the members of the Board of Directors, and approving their remuneration to be QR. (18) million.

6.     The Corporate Governance Report for the year 2016.

 7.     Appointing Ernest & Young auditors for the Financial Year 2017.

8.     Electing the members of the Board of Directors for the period (2017 - 2019) with no contest as per the attached list:

1)                SH. KHALID BIN MOHAMMED BIN ALI AL-THANI (PERSONAL)

2)                MR. ABDULLAH BIN KHALIFA AL ATTIYA            (PERSONAL)

3)                SH. JASSIM BIN HAMAD BIN JASSIM BIN JABOR AL-THANI          (Al Merqab Capital)

4)                SH. HAMAD BIN FAISAL BIN THANI AL THANI    (PERSONAL)

5)                MR. HUSSAIN IBRAHIM AL-FARDAN        (PERSONAL)

6)                Mr. Ali Youssef Hussain Kamal    Al Kamal Int.

7)                SH. Faisal Bin Thani Bin Faisal Al Thani    (BROOG TRADING COMPANY)

8)                SH. Abd El Rahman Bin Saoud Al Thani    (PERSONAL)

9)                MR. JASSIM MOHD. AL JAIDAH   (JAIDAH MOTORS & TRADING CO.)

10)               SH. SAOUD BIN KHALID BIN HAMAD AL-THANI  (PERSONAL)

11)               MR. KHALAF AHMED AL MANNAI            (STATE OF QATAR)

 

Also the Extraordinary General Assembly took place on the same date, approved the following:

 1)    the increase in the number of members of the Board of Directors with effect from the next session (2017 2019) to be (11) members, and amend Article 36 of the article of association of the company, to read as follows:

 The company shall be managed by the Board of Directors composed of nine members, the government of the State of Qatar will appoint one of them representing its shareholding and eight others elected by the Ordinary General Assembly through secret ballot.

 The member nominated by the government of the State of Qatar shall not have the right to participate in the election of the other members of the Board of Directors.

2)    Approving the increase in the company's capital post the effect of bonus issue of (15%), i.e. (three shares for each twenty shares). The bonus shares will be issued after approving this increase in capital and obtaining the necessary approvals from the respective governing bodies, authorizing the board of directors to act accordingly with the share's fraction) in addition  Amend article (7) of the company's articles of association to reflect the effect of the increase in capital. 

 3)    Approving the amendment of the company's articles of association adding the following paragraph to the preamble:

 To consider the provisions of the Commercial Companies Law No. (11) for the year 2015, shall apply to the financial services offered by the company, as well as the case of merger or liquidation, the provisions of the law of Qatar Central Bank and the regulation of financial institutions promulgated by Law No. (13) for the year 2012.

 4)    Authorizes the Chairman or his deputy signing solo on all documents needed to amend the article of association of the company.